New Delhi, Oct. 27 -- The Supreme Court has ruled that a Committee of Creditors (CoC) cannot withdraw its approval of a resolution plan after submitting it to the National Company Law Tribunal (NCLT), merely because the corporate debtor's financial position has improved.

A bench of Justice JB Pardiwala and Justice K Vinod Chandran upheld the National Company Law Appellate Tribunal's (NCLAT) decision rejecting the CoC's withdrawal request.

The Court observed that improved profitability alone cannot be a ground for refusing approval if the Resolution Plan meets the requirements under sub-section (2) of Section 30.

The ruling came on an appeal by Bank of India and other financial creditors against the NCLAT order.

Dispute Over Improved F...