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NCLAT quashed the impugned order under Section 123 of the IBC and allowed the appeals, holding that non-submission of a repayment plan led to proceedings under Section 114 read with relevant IBBI regulations but did not preclude the appellants from filing a plan. The appellants are granted liberty to submit a repayment plan under Section 106 read with the undertaking by the intervenor FI; the intervenor FI has agreed to withdraw its Section 123 petition while reserving its rights under the IBC, conditional on grant of further time and consideration of any subsequently submitted plan. The appeals succeed subject to compliance with conditions specified in the companion appeals.
NCLAT quashed the impugned order under Section 123 of the IBC and allowed the appeals, holding that non-submission of a repayment plan led to proceedings under Section 114 read with relevant IBBI regulations but did not preclude the appellants from filing a plan. The appellants are granted liberty to submit a repayment plan under Section 106 read with the undertaking by the intervenor FI; the intervenor FI has agreed to withdraw its Section 123 petition while reserving its rights under the IBC, conditional on grant of further time and consideration of any subsequently submitted plan. The appeals succeed subject to compliance with conditions specified in the companion appeals.
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