Answer the following questions: Can a Resolution Professional withdraw or modify a successful Resolution Plan submitted with the Adjudication Authority? Answer with suitable provisions of the IBBI Regulations and applica

When a resolution plan has been submitted under Section 31(1) of the Insolvency and Bankruptcy Code, 2016, the IBC has not mentioned anything to do on the part of the Adjudicating Authority (AA). However, the Apex Court ruled in the case of SBI & others (Appellant) v. Consortium of Mr. Murari lal Jalan & Mr. Florian Frits CH & another , in its judgement dated 7th November, 2024, citing the question raised in the case of Swiss Ribbons (P) Ltd , that the Adjudicating Authority (AA) lacks such power to allow withdrawal or modification in the plain terms of IBC 2016. The apex Court clearly observed that the plan is approved by the CoC, at the behest of the successful applicant, once it is submitted before the AA it is binding and become irrevocable as between the CoC and the Applicant, even the AA has not given its stamp. Therefore, there is absolutely no scope for modification of the terms of a resolution plan which has received the imprimatur of the AA, be it by the AA itself, the CoC, or the Successful Resolution Applicant.