Finality of approved resolution plans can justify setting aside liquidation when substantial compliance is achieved and stakeholders no longer object.

An approved resolution plan that has attained finality may still be implemented despite a later liquidation order if the successful resolution applicant has substantially complied with the payment directions and the stakeholders no longer oppose implementation. The Appellate Tribunal treated finality of the resolution process and stakeholder welfare as decisive, and found liquidation unnecessary where the corporate insolvency resolution process could be completed through implementation of the approved plans. Relief on matters not previously raised or challenged was not examined.

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Issues: Whether the liquidation order passed in respect of the corporate debtors should be set aside and the approved resolution plans be directed to be implemented in light of subsequent compliance by the successful resolution applicant.

Analysis: The approved resolution plans had already attained finality and the matter later turned on the successful resolution applicant's belated but substantial compliance, including payment of the upfront amount and an additional sum as directed by the Appellate Tribunal. The creditors and committee of creditors no longer objected to implementation. In these circumstances, and to ensure that the corporate insolvency resolution process reached finality, the liquidation was found to be unnecessary and contrary to the interests of the corporate debtors, stakeholders, and employees. Reliefs relating to issues not earlier raised or not challenged were not adjudicated.

Conclusion: The liquidation order was set aside and the approved resolution plans were directed to be implemented in their entirety.

Final Conclusion: The appeals by the successful resolution applicant succeeded, the liquidation regime was displaced, and the corporate insolvency process was brought to completion through implementation of the approved resolution plans.

Ratio Decidendi: Where an approved resolution plan has attained finality and substantial compliance is secured, the appellate forum may invoke its inherent powers to set aside liquidation and compel implementation of the plan in the interests of finality and stakeholder welfare.

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