https://www.taxtmi.com/caselaws?id=417205 The appeal challenging the dismissal of I.A. No. 1010/KB/2020 by the NCLT was dismissed. The NCLT upheld the decision of the CoC to not grant further extensions for submitting the resolution plan, emphasizing adherence to timelines in the insolvency process. The approved resolution plan was successfully implemented, with payments made to creditors and new directors appointed. The NCLT held that the CoC's commercial decisions are not justiciable, and reversing the process would go against the objectives of the Insolvency and Bankruptcy Code. en-us Mon, 17 Jan 2022 00:00:00 +0530 Mon, 17 Jan 2022 17:18:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=417205 The appeal challenging the dismissal of I.A. No. 1010/KB/2020 by the NCLT was dismissed. The NCLT upheld the decision of the CoC to not grant further extensions for submitting the resolution plan, emphasizing adherence to timelines in the insolvency process. The approved resolution plan was successfully implemented, with payments made to creditors and new directors appointed. The NCLT held that the CoC's commercial decisions are not justiciable, and reversing the process would go against the objectives of the Insolvency and Bankruptcy Code. Case-Laws Insolvency and Bankruptcy Mon, 17 Jan 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=417205