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The NCLAT upheld the impugned order dismissing the appeal, finding that the consortium failed to satisfy the prescribed eligibility criteria. The requirement to submit certified true copies of completion or occupancy certificates for projects delivering at least 10 lakh sq. ft. super area was not met, as the LDA had not issued such certificates to the consortium's project despite claims of deemed approval. Additionally, the consortium did not demonstrate availability of the requisite committed funds of Rs. 20 crore as on the effective date; the conditional commitment letter from the bank was insufficient to establish firm fund availability. The tribunal found no error in the rejection of the resolution plan on these grounds, and the appeal was accordingly dismissed.
The NCLAT upheld the impugned order dismissing the appeal, finding that the consortium failed to satisfy the prescribed eligibility criteria. The requirement to submit certified true copies of completion or occupancy certificates for projects delivering at least 10 lakh sq. ft. super area was not met, as the LDA had not issued such certificates to the consortium's project despite claims of deemed approval. Additionally, the consortium did not demonstrate availability of the requisite committed funds of Rs. 20 crore as on the effective date; the conditional commitment letter from the bank was insufficient to establish firm fund availability. The tribunal found no error in the rejection of the resolution plan on these grounds, and the appeal was accordingly dismissed.
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