The NCLAT rules that successful resolution applicants cannot be allowed to withdraw offer

Summary: A look into the recent judgment of the NCLAT wherein it holds that a successful resolution applicant cannot withdraw from his resolution plan once the same has been accepted.

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Recently the NCLAT ruled over a judgment after due observation of the same, wherein it rejected the plea filed by a firm based out of Delhi, Kundan Care Products which has ultimately secured and emerged as a successful bidder for Astonfield Solar (Gujarat) Pvt Ltd.

The main contention brought to the notice by the NCLAT within its ruling was that, after a resolution plan had been duly formulated for a company absolved with debt and which had also been duly approved by the lenders, then the successful bidder in the instance shall not be permitted to withdraw his offer post this occurrence.

The Ruling and Its Effect

Facts of the Case

Tags: NCLAT, NCLT, IBC, impugned order, three member bench, resolution plan, withdrawal, committee of Creditors
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