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NCLAT upheld the exclusion of period from 12.04.2023 to 01.07.2024 from the Resolution Plan implementation timeline. The Successful Resolution Applicant (SRA), an association representing 250 allottees, had demonstrated substantial implementation efforts by infusing Rs.7 crores out of Rs.10 crores, pursuing environmental clearances, and restoring electricity connections. During this period, an interim order restricted the SRA from transferring units and realizing Rs.50 crores. The Tribunal found that since the Resolution Plan's approval was under challenge with an operative interim order, the exclusion of implementation period was justified. The interim orders affecting financial execution warranted timeline extension. Appeal dismissed, affirming the Adjudicating Authority's order dated 28.08.2024.
NCLAT upheld the exclusion of period from 12.04.2023 to 01.07.2024 from the Resolution Plan implementation timeline. The Successful Resolution Applicant (SRA), an association representing 250 allottees, had demonstrated substantial implementation efforts by infusing Rs.7 crores out of Rs.10 crores, pursuing environmental clearances, and restoring electricity connections. During this period, an interim order restricted the SRA from transferring units and realizing Rs.50 crores. The Tribunal found that since the Resolution Plan's approval was under challenge with an operative interim order, the exclusion of implementation period was justified. The interim orders affecting financial execution warranted timeline extension. Appeal dismissed, affirming the Adjudicating Authority's order dated 28.08.2024.
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