Once the Committee of Creditors (‘CoC’) has approved a resolution plan, can the successful resolution applicant negotiate on some aspects of the plan? For example, request a reduction in the amount to be paid upfront or request to pay a smaller amount as the performance bank guarantee.
No, the successful resolution applicant is not allowed to withdraw from CIRP once the CoC has approved a resolution plan. In Ebix Singapore Pvt Ltd v CoC of EduComp Solutions Ltd (2022) 2 SCC 401, the Supreme Court held that: ‘Sequentially, the issuance of an LoI is followed by its unconditional acceptance by the successful resolution applicant.’ This ratio has been followed in Sanjay Dave v Andhra Bank Ltd & Ors 2026 INSC 580.