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Supreme Court of India

Ebix Singapore Private Limited v. Committee of Creditors of Educomp Solutions Limited & Anr.

Neutral citation
Reported as [2021] 14 S.C.R. 321
Bench Dr Dhananjaya Y. Chandrachud and M. R. Shah JJ.
Decided 13 September 2021

INSC stands for INDIAN SUPREME COURT. A neutral citation scheme assigned by the Court itself, so a judgment can be cited without depending on a commercial law reporter. INSC is the neutral citation scheme assigned by the Supreme Court, so a judgment can be cited without depending on a commercial law reporter.

9 Supreme Court benches have cited this judgment.

What the Court ordered

We hold that the existing insolvency framework in India provides no scope for effecting further modifications or withdrawals of CoC-approved Resolution Plans, at the behest of the successful 501 Resolution Applicant, once the plan has been submitted to the Adjudicating Authority.

Judgment, page 180

From the headnote

Insolvency and Bankruptcy Code, 2016 – ss.5(26), 7, 9, 10, 12, 23, 25, 30, 31, 60(5), 61 & 74(3) – National Co mpany Law Tribunal Rules, 2016 – r.11 – Insolvency and Bankruptcy Bo ard of India (Insolvency Resolution Process For Corporate Persons) regulations, 2016 – regn. 36A, 36B and 39 – Whether withdr awals or modifications by successful Resolution Applicants are pe rmissible under IBC – Held: The framework, as it stands, only enables withdrawals from the CIRP process by following the procedure detailed in Section 12A of the IBC and Regulation 30A of the CIRP Regulations and in the

Authorities it was built on

Where later benches applied it

Of those, 2 relied on · 6 referred to · 1 mentioned

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