2025 (7) TMI 1831 - SC - IBC

Appeal dismissed for failing to secure regulatory approvals within statutory timeline under Insolvency and Bankruptcy Code

The SC dismissed the appeal, affirming the NCLAT's decision that the appellant failed to implement the approved resolution plan due to not obtaining ... Failure to implement the revised resolution plan - it was held by NCLAT that 'The appellant having failed to obtain the necessary regulatory approvals within the statutory timeline, the resolution plan has not been implemented.' HELD THAT:- The appellant has not been able to get the necessary clearances even after a period of three years. The undisputed fact here is that the resolution plan was approved as far back as on 03.02.2022. Even after three years, the plan remains unimplemented, for reasons that the SRA i.e., the appellant has failed to get the necessary clearances. There cannot be a different opinion to what has been given by the National Company Law Appellate Tribunal, Delhi. There are no grounds for interference. The present appeal is accordingly dismissed. The Supreme Court, through Hon'ble Justices Sudhanshu Dhulia and Aravind Kumar, dismissed the appeal filed by the Successful Resolution Applicant (SRA) challenging the impugned order. The Court noted that although the resolution plan was approved on 03.02.2022, it remains unimplemented after three years due to the appellant's failure to obtain the necessary clearances. Affirming the National Company Law Appellate Tribunal's decision, the Court found 'no grounds for interference' and accordingly dismissed the appeal, disposing of any pending applications.