The Committee of Creditors (CoC) of Golconda Industries approved a resolution plan by voting share of 100% in voting held on 17.1.2024. Thereafter, X (the Resolution Professional) submitted the application for the approv

Regulation 30A of the CIRP Regulations specifies deals with provisions relating to withdrawal of application under section 12A of the Code. It provides as under: - (1) An application for withdrawal under section 12A may be made to the Adjudicating Authority - (a) before the constitution of the committee, by the applicant through the interim resolution professional; (b) after the constitution of the committee, by the applicant through the interim resolution professional or the resolution professional, as the case may be: Provided that where the application is made under clause (b) after the issue of invitation for expression of interest under regulation 36A, the applicant shall state the reasons justifying withdrawal after issue of such invitation. In Hem Singh Bharana Vs. Pawan Doot Estate Pvt. Ltd. & Ors. [CA (AT) (Ins.) No. 1481 of 2022] , During pendency of approval of the resolution plan before the AA, ex-promoter submitted revised settlement proposal under section 12A of the Code and filed an application seeking to keep the resolution in abeyance. As the AA rejected the said application, an appeal was filed before the NCLAT on the ground that there is no bar on CoC in accepting the settlement proposal under section 12A even if they have already approved a resolution plan. The NCLAT dismissed the appeal while relying on the judgment of SC in Ebix Singapore Pvt. Ltd. V. Committee of Creditors of Educomp Solutions Limited and Anr. , wherein it was held that after approval of a resolution plan by the CoC, it itself is bound by its decision and cannot be allowed to go back from its decision. Hence in the present case, an application under section 12 A of IBC cannot be entertained after the approval of a resolution plan by the CoC and filing of application before NCLT for approval of resolution plan. The appeal filed by the ex-promoter of Golconda Industries against the order of NCLT will not be entertained by NCLAT.