No withdrawal of approved resolution plan unless the breach of sec. 30(2) of IBC

Dharmesh Jain Vs Jayesh Sanghrajka & Ors. (NCLAT Delhi)

Conclusion: The law was well settled that the Resolution Plan which was approved by the CoC could not be allowed to be withdrawn and any clause which contemplate withdrawal of the plan was unenforceable unless section 30(2) of the IBC was breached.

Held: The Corporate Debtor- ‘Nirmal Lifestyle Realty Private Limited’ entered into MoU with Ralliwolf Limited in terms whereof Ralliwolf agreed to sell land admeasuring 20262 sq. mtrs. along with all the structures thereon to the cor

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