Submitted Resolution Plan cannot be modified by Resolution Applicant: SC

Ebix Singapore Private Limited Vs Committee of Creditors of Educomp Solutions Limited & Anr. (Supreme Court of India) This Court is cognizant that the extraordinary circumstance of the COVID-19 pandemic would have had a significant impact on the businesses of Corporate Debtors and upon successful Resolution Applicants whose Plans may not have been sanctioned by the Adjudicating Authority in time, for myriad reasons. But the legislative intent of the statute cannot be overridden by the Court to render outcomes that can have grave economic implications which will impact the viability of t...