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NCLAT addressed an insolvency resolution case involving submission of resolution plans after recall of a previous approved plan. The Tribunal held that the Committee of Creditors (CoC) was not obligated to issue a fresh Form-G or provide a mandatory 30-day period under Regulation 36B(3). The CoC validly established a timeline of 03.02.2025 for resolution plan submission, which applied equally to all Prospective Resolution Applicants. The Appellant failed to submit a resolution plan within the prescribed timeline. Consequently, the Adjudicating Authority's order rejecting the Appellant's time extension application was upheld, and the appeal was dismissed, affirming the CoC's commercial discretion in managing the insolvency resolution process.
NCLAT addressed an insolvency resolution case involving submission of resolution plans after recall of a previous approved plan. The Tribunal held that the Committee of Creditors (CoC) was not obligated to issue a fresh Form-G or provide a mandatory 30-day period under Regulation 36B(3). The CoC validly established a timeline of 03.02.2025 for resolution plan submission, which applied equally to all Prospective Resolution Applicants. The Appellant failed to submit a resolution plan within the prescribed timeline. Consequently, the Adjudicating Authority's order rejecting the Appellant's time extension application was upheld, and the appeal was dismissed, affirming the CoC's commercial discretion in managing the insolvency resolution process.
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