Central Government rescinds 2009 notification de-notifying 14.2903-hectare IT/ITES Special Economic Zone after applicant request, state NOC, recommend...
NCLAT upholds the Adjudicating Authority's impugned order and dismisses the appeal. The Tribunal found that the Respondents afforded the Appellants multiple extensions (including a final, clearly-designated fifth extension) to submit a revised bid, and that the Adjudicating Authority duly recorded the sequence of events and opportunities; no procedural infirmity or bias was established. Given CIRP's statutory time-bound mandate and the adverse effects of delay on corporate rescue, the Tribunal concluded the Appellants' failure to tender a timely revised bid was fatal to their challenge. The impugned order is sustained as well-reasoned and free of error; appeal accordingly dismissed.
NCLAT upholds the Adjudicating Authority's impugned order and dismisses the appeal. The Tribunal found that the Respondents afforded the Appellants multiple extensions (including a final, clearly-designated fifth extension) to submit a revised bid, and that the Adjudicating Authority duly recorded the sequence of events and opportunities; no procedural infirmity or bias was established. Given CIRP's statutory time-bound mandate and the adverse effects of delay on corporate rescue, the Tribunal concluded the Appellants' failure to tender a timely revised bid was fatal to their challenge. The impugned order is sustained as well-reasoned and free of error; appeal accordingly dismissed.
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