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ARTICLE · 18 JUNE 2026

IBC Updates May (2026) IBC Updates And Judgments

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The Supreme Court has delivered a landmark judgment reinforcing the binding nature of resolution plans approved by the Committee of Creditors under the Insolvency and Bankruptcy Code. This decision addresses whether successful resolution applicants can use procedural technicalities to escape their obligations after securing CoC approval, building upon the precedent established in Ebix Singapore.

IndiaInsolvency/Bankruptcy/Re-Structuring
Hammurabi & Solomon
Hammurabi & Solomon

NOTABLE UPDATES MAY 2026

1. Supreme Court Reinforces Sanctity of CoC-Approved Resolution Plans: Successful Resolution Applicant Cannot Backtrack After Approval

Impacted Stakeholders - Successful Resolution Applicants, Committee of Creditors, Resolution Professionals (RPs), Financial Creditors and Banks, Corporate Debtors undergoing CIRP and Liquidators

The Hon’ble Supreme Court dismissed the appeals filed by Sanjay Dave, promoter and successful resolution applicant of Oracle Home Textiles Ltd., challenging the forfeiture of his Earnest Money Deposit (EMD), rejection of his resolution plan, and subsequent liquidation of the corporate debtor. The appellant argued that the Letters of Intent (LoIs) issued by the RP were conditional because they were made subject to the outcome of pending applications filed by prospective resolution applicants and because certain employee-related liabilities were placed upon him. The Court held that such stipulations did not render the LoIs

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