CoC resolution plan can't be modified or withdrawn: Supreme Court

The IBC has seen higher acceptance in the last ten quarters as maximum cases were admitted during this time

The Insolvency and Bankruptcy Code (IBC) has come under a lot of scrutiny of late, with banks recovering very little money in a few cases. The latest reaction came from the Supreme Court, which on Monday said once the committee of creditors (CoC) submits a resolution plan for an asset, it cannot be modified or withdrawn by the resolution applicant. It also said the 330-day deadline for resolution of assets should be strictly adhered to. 

It said that recently, the parliamentary standing committee on finance suggested that there should be a benchmark for the quantum of haircuts comparable to global standards.