Finality in insolvency liquidation bars later challenge once the resolution plan and revised plan have been rejected and liquidation has progressed.

A later challenge to the liquidation order and auction process was treated as unsustainable where the resolution plan had already been rejected, the revised plan was also refused and not separately challenged, and the liquidation process had substantially progressed or concluded. The Tribunal noted that prior refusal of the same relief in interim proceedings attracted res judicata and reinforced finality. With no live cause remaining under the insolvency framework, the prayer to halt the auction and reopen the resolution route could not be entertained.

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Issues: Whether the challenge to the liquidation order and the related prayer to halt the auction process could survive after rejection of the resolution plan, non-challenge to the later order rejecting the modified plan, and completion of liquidation steps.

Analysis: The appeals were examined in the light of the earlier rejection of the appellant's resolution plan, the subsequent rejection of the application seeking consideration of the revised plan, and the fact that the later order was not carried in challenge. The Tribunal also noted that the liquidator had progressed with and substantially concluded the liquidation process, including auction and distribution. In the connected matter, the relief sought had already been refused in an earlier interim proceeding, attracting the bar of res judicata and reinforcing finality. On these facts, no live cause of action remained for interference under the Code.

Conclusion: The challenge was not maintainable and the reliefs sought could not be granted. The appeals were liable to be dismissed.

Final Conclusion: The rejection of the resolution route had attained finality, the liquidation process had substantially concluded, and the subsequent challenges were incapable of reopening the matter.

Ratio Decidendi: Where rejection of a resolution plan and the subsequent refusal to entertain a modified plan have attained finality, and the liquidation process has substantially progressed or concluded, a later challenge to the liquidation order or auction process does not survive.

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