SRA could not back out of CoC-Approved Plan on Pretext of Conditional Letter of Intent (LoI): Supreme Court

Sanjay Dave Vs Andhra Bank Ltd. & Ors. (Supreme Court of India) Conclusion: A Successful Resolution Applicant (SRA) could not avoid a CoC-approved resolution plan by claiming that the Letter of Intent (LoI) was conditional. The court observed that merely stating in the LoI that the resolution plan would be subject to the outcome of pending proceedings before the NCLT did not make the LoI conditional. Held: Appellant, being a promoter/director of the corporate debtor and eligible to submit a resolution plan owing to the corporate debtor’s MSME status, submitted a resolution plan which...