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Insolvency and BankruptcyApril 26, 2024Case LawsAT
Liquidation of the Corporate Debtor - Application seeking extension of timeline for making the payments under the approved Resolution Plan dismissed - The tribunal found that extending payment deadlines does not constitute a modification of the resolution plan but is rather an accommodation to ensure its successful implementation. The tribunal thus set aside the lower court's decision and granted the extension for payment of the fourth and fifth tranches until a specified future date. - The tribunal emphasized that the creditor should adopt a collaborative approach to facilitate the resolution process rather than focusing solely on liquidation.
Liquidation of the Corporate Debtor - Application seeking extension of timeline for making the payments under the approved Resolution Plan dismissed - The tribunal found that extending payment deadlines does not constitute a modification of the resolution plan but is rather an accommodation to ensure its successful implementation. The tribunal thus set aside the lower court's decision and granted the extension for payment of the fourth and fifth tranches until a specified future date. - The tribunal emphasized that the creditor should adopt a collaborative approach to facilitate the resolution process rather than focusing solely on liquidation.
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