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NCLAT dismissed the appeal, upholding the tribunal's order that the appellant materially breached the approved resolution plan by failing to pay the required upfront amount and subsequent instalments, resulting in non-implementation. The CoC had earlier contemplated liquidation but, upon the appellant's request, permitted submission of a fresh resolution plan which later secured 100% CoC approval. The record established the appellant lacked funds to meet the upfront fee, sought extensions twice, yet did not remit any amount within stipulated timelines. Given the appellant's repeated default and the reasoned findings below, the appellate challenge was devoid of merit and the impugned order refusing relief was affirmed.
NCLAT dismissed the appeal, upholding the tribunal's order that the appellant materially breached the approved resolution plan by failing to pay the required upfront amount and subsequent instalments, resulting in non-implementation. The CoC had earlier contemplated liquidation but, upon the appellant's request, permitted submission of a fresh resolution plan which later secured 100% CoC approval. The record established the appellant lacked funds to meet the upfront fee, sought extensions twice, yet did not remit any amount within stipulated timelines. Given the appellant's repeated default and the reasoned findings below, the appellate challenge was devoid of merit and the impugned order refusing relief was affirmed.
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