The Supreme Court of India has reinforced the binding nature of resolution plans approved by the Committee of Creditors (CoC) under the Insolvency and Bankruptcy Code (IBC). In a recent ruling, the court stated that once a resolution plan receives approval and a Letter of Intent (LoI) is issued, the successful resolution applicant (SRA) cannot negotiate further or withdraw from the plan. This decision arose from an appeal by Sanjay Dave, promoter of Oracle Homes Textiles Limited, who attempted to withdraw from a plan that had been overwhelmingly approved by the CoC. The court described Dave's actions as a 'clear subterfuge' aimed at evading the approved plan. The ruling emphasized that allowing such maneuvers would jeopardize the IBC's framework. The court also upheld the forfeiture of an earnest money deposit due to Dave's failure to comply with the plan's requirements, ultimately leading to the liquidation of the company. The judgment underscores the importance of adhering to the timelines and conditions set forth in approved resolution plans to ensure a time-bound resolution process.