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NCLAT dismissed appeal challenging rejection of resolution plan. Appellant was ineligible under Section 29A(e) of IBC, 2016 as its director became disqualified under Section 164(2) of Companies Act, 2013 for failing to file financial statements and annual returns for three consecutive years. Appellant had withdrawn EMD after multiple reminders to RP and filed application for plan reconsideration after six months, indicating attempt to delay CIRP/liquidation process. CoC's commercial wisdom in rejecting plan and ordering liquidation was non-justiciable. NCLAT upheld NCLT's refusal to intervene in CoC's decision, finding no grounds to interfere with rejection of resolution plan.
NCLAT dismissed appeal challenging rejection of resolution plan. Appellant was ineligible under Section 29A(e) of IBC, 2016 as its director became disqualified under Section 164(2) of Companies Act, 2013 for failing to file financial statements and annual returns for three consecutive years. Appellant had withdrawn EMD after multiple reminders to RP and filed application for plan reconsideration after six months, indicating attempt to delay CIRP/liquidation process. CoC's commercial wisdom in rejecting plan and ordering liquidation was non-justiciable. NCLAT upheld NCLT's refusal to intervene in CoC's decision, finding no grounds to interfere with rejection of resolution plan.
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