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NCLAT dismissed the appeal regarding implementation of a resolution plan under IBC. The tribunal held that regulatory approvals were not obtained within the statutory one-year timeline prescribed under Section 31(4) of the Insolvency and Bankruptcy Code. Despite the resolution plan's approval on 03.02.2022, the required regulatory clearances remained pending beyond the prescribed period. The court emphasized that the statutory authority's inability to secure approvals does not absolve it from the mandatory timeline. Consequently, the tribunal found sufficient grounds to proceed with liquidation proceedings, upholding the lower court's order and rejecting the appellant's prayer for direction to implement the resolution plan.
NCLAT dismissed the appeal regarding implementation of a resolution plan under IBC. The tribunal held that regulatory approvals were not obtained within the statutory one-year timeline prescribed under Section 31(4) of the Insolvency and Bankruptcy Code. Despite the resolution plan's approval on 03.02.2022, the required regulatory clearances remained pending beyond the prescribed period. The court emphasized that the statutory authority's inability to secure approvals does not absolve it from the mandatory timeline. Consequently, the tribunal found sufficient grounds to proceed with liquidation proceedings, upholding the lower court's order and rejecting the appellant's prayer for direction to implement the resolution plan.
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