https://www.taxtmi.com/caselaws?id=422543 The Tribunal found the application maintainable due to valid reasons for the withdrawal of a previous application but ruled the Applicant ineligible to submit a resolution plan. The Applicant's association with the Corporate Debtor's promoter and insufficient net worth rendered them ineligible under Section 29A of the IBC. Even if eligible, the Tribunal declined to consider the Applicant's resolution plan, as CIRP timelines had lapsed, and another plan had been approved. Emphasizing timeliness and procedural adherence, the Tribunal rejected the application to uphold the efficiency and objectives of the CIRP under the IBC. en-us Tue, 26 Apr 2022 00:00:00 +0530 Wed, 18 May 2022 08:55:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=422543 The Tribunal found the application maintainable due to valid reasons for the withdrawal of a previous application but ruled the Applicant ineligible to submit a resolution plan. The Applicant's association with the Corporate Debtor's promoter and insufficient net worth rendered them ineligible under Section 29A of the IBC. Even if eligible, the Tribunal declined to consider the Applicant's resolution plan, as CIRP timelines had lapsed, and another plan had been approved. Emphasizing timeliness and procedural adherence, the Tribunal rejected the application to uphold the efficiency and objectives of the CIRP under the IBC. Case-Laws Insolvency and Bankruptcy Tue, 26 Apr 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=422543