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Non-compliance of conditions of the Approved Resolution Plan by the Successful Resolution Applicant (SRA) - The Appellate Tribunal found that as per the order dated January 13, 2023, by the Adjudicating Authority, all conditions precedent as required under the approved Resolution Plan were fulfilled by the SRA by May 20, 2022. This included the validation of the Air Operator Certificate, submission and approval of the business plan, slots allotment approval, international traffic rights clearance, and the demerger of ground handling business into AGSL. - The Tribunal acknowledged the extensions and exclusions granted by the Adjudicating Authority for fulfilling the conditions precedent and for the infusion of the first tranche of funds. - The Tribunal did not grant the appellants' request for the liquidation of the corporate debtor under Section 33(3) of the IBC.
Non-compliance of conditions of the Approved Resolution Plan by the Successful Resolution Applicant (SRA) - The Appellate Tribunal found that as per the order dated January 13, 2023, by the Adjudicating Authority, all conditions precedent as required under the approved Resolution Plan were fulfilled by the SRA by May 20, 2022. This included the validation of the Air Operator Certificate, submission and approval of the business plan, slots allotment approval, international traffic rights clearance, and the demerger of ground handling business into AGSL. - The Tribunal acknowledged the extensions and exclusions granted by the Adjudicating Authority for fulfilling the conditions precedent and for the infusion of the first tranche of funds. - The Tribunal did not grant the appellants' request for the liquidation of the corporate debtor under Section 33(3) of the IBC.
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