If the successful resolution applicant’s plan is accepted by the CoC ‘subject to outcome of other pending litigation and decision of courts’, is it a permissible ground to withdraw from CIRP?
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 subsequently followed in Sanjay Dave v Andhra Bank Ltd & Ors 2026 INSC 580.