Decision
Comment


Following several civil appeals, the Supreme Court has decided in its final order and judgment dated 13 September 2021 (the judgment) whether a resolution plan that has already been approved by the requisite majority of the committee of creditors (CoC) and that is pending the approval of the adjudicating authority can be modified or withdrawn by a resolution applicant under the Insolvency and Bankruptcy Code 2016 (the Code).

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With the exponential increase in the number of Covid-19 cases in the second wave of the pandemic and the overall economic slowdown, demands are being made for further tweaks the insolvency regime equipped to tide over the crisis.

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Introduction

In 2016 India overhauled its existing legal framework on bankruptcy and insolvency processes and the new Insolvency and Bankruptcy Code 2016 – aimed at streamlining the bankruptcy resolution process – was enacted.

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