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 necessary regulatory approvals within the statutory timeline. Despite the plan's approval on 03.02.2022, the appellant did not secure the required clearances even after three years, resulting in non-implementation. The court found no grounds to interfere with the NCLAT's ruling.

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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.

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