SC dismisses appeal against resolution plan approval despite claims of CIRP deadline breach and operational creditor non-payment The SC dismissed an appeal challenging the approval of a resolution plan by the Adjudicating Authority. The appellant contended that the plan was approved ...
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SC dismisses appeal against resolution plan approval despite claims of CIRP deadline breach and operational creditor non-payment
The SC dismissed an appeal challenging the approval of a resolution plan by the Adjudicating Authority. The appellant contended that the plan was approved after the 330-day CIRP period expired and that operational creditors did not receive their dues, alleging material irregularities by the Resolution Professional. The NCLAT had earlier upheld the resolution plan approval. The SC found no good grounds to interfere with the lower court's judgment approving the resolution plan and dismissed the appeal.
The Supreme Court, through Hon'ble Justices Sanjay Kumar and K.V. Viswanathan, granted condonation of delay but found "no good ground and reason to interfere with the impugned judgment." Consequently, the appeal was dismissed, and all pending applications were disposed of.
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