Subject: Judgment1 dated 13th September, 2021 of the Hon’ble Supreme Court of India in the matter of Ebix Singapore Private Limited Vs. Committee of Creditors of Educomp Solutions Limited & Anr. [Civil Appeal No. 3224 of 2020 and other appeals]
The Hon’ble Supreme Court (SC) in its order dated 13th September, 2021 in the above case held that once the resolution plan is approved by CoC and submitted to AA after due compliance with the procedural requirements and timelines the successful resolution applicant cannot withdraw or modify the resolution plan. It reemphasized that the speed of resolution as contemplated in the Code is sacrosanct and the adjournments in the proceedings hamper the efficacy of the judicial process. It further held that the NCLT and NCLAT should be sensitive to the effect of such delays and should endeavor, on a best effort basis, to strictly adhere to the timelines stipulated under the Code and clear pending resolution plans forthwith. The Hon’ble SC made some important undernoted observations in the context of insolvency proceedings