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of <h1>Promoter challenges implemented IBC resolution plan, questioning successful applicant's eligibility; stay refused as belated collateral attack dismissed.</h1> A promoter sought a stay on implementation of an approved resolution plan under the IBC, indirectly questioning the successful resolution applicant's ... Seeking stay of implementation of the Resolution Plan - HELD THAT:- A hierarchy of remedies is provided in relation to the acceptance of a Resolution Plan in the IBC and once the appellant-promoter did not choose to take recourse to the same, it cannot seek relief in relation to the approved Resolution Plan indirectly. Even if there was any issue with regard to the eligibility of the NTPC, the fact that the Resolution Plan submitted by it attained finality and has also been acted upon, be it in part or fully, would obviate any possibility of this Court interfering therewith at this late stage. Appeal dismissed. Issues: Whether this Court should interfere with the NCLAT/NCLT orders rejecting the promoter's challenge to the eligibility of the Successful Resolution Applicant (NTPC) and the promoter's proposal under Section 12A of the Insolvency and Bankruptcy Code, 2016, where the Resolution Plan has been approved by the NCLT and has attained finality and remained unchallenged.Analysis: The appeal challenges interlocutory and eligibility-related orders but the Resolution Plan submitted by the Successful Resolution Applicant was approved by the NCLT and had attained finality prior to and remained unchallenged on appeal; the appellant did not pursue the statutory hierarchical remedies available under the IBC to challenge the NCLT's approval of the Resolution Plan. Given the finality and implementation of the approved Resolution Plan, the Court finds no basis for lawful interference at this stage and notes that indirect challenges to the approved plan are impermissible where statutory remedies were not invoked.Conclusion: The appeal is dismissed and the Court declines to interfere with the NCLAT/NCLT orders in the circumstances; questions of law are left open.
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