Non-party former management, including a shareholder and personal guarantor, cannot seek recall of an order concerning resolution-plan implementation merely because counsel appeared in the proceedings. Participation rights are subordinate to timely insolvency resolution; without creditor status, impleadment, permitted intervention, or legal injury, no locus standi arises. Where a successful resolution applicant has paid the upfront amount but possession of the corporate debtor's property remains withheld through unauthorised occupation, excluding time for payment obligations facilitates implementation without modifying the approved resolution plan. The Adjudicating Authority may grant that extension without express committee of creditors concurrence.
Non-party former management, including a shareholder and personal guarantor, cannot seek recall of an order concerning resolution-plan implementation merely because counsel appeared in the proceedings. Participation rights are subordinate to timely insolvency resolution; without creditor status, impleadment, permitted intervention, or legal injury, no locus standi arises. Where a successful resolution applicant has paid the upfront amount but possession of the corporate debtor's property remains withheld through unauthorised occupation, excluding time for payment obligations facilitates implementation without modifying the approved resolution plan. The Adjudicating Authority may grant that extension without express committee of creditors concurrence.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4888 
