https://www.taxtmi.com/caselaws?id=431594 The NCLAT upheld the cancellation of the Resolution Plan due to the Successful Resolution Applicant's failure to implement it and affirmed the forfeiture of Rs. 20 Crores deposited. The reference to the IBBI for action under Section 74(3) was set aside, as no prima facie finding of willful contravention was established. The rejection of applications seeking directions and clarifications related to the Resolution Plan was upheld. The NCLAT directed the NCLT to expedite the decision on a pending matter and allowed the Resolution Professional to invite fresh expressions of interest, extending the CIRP period. en-us Thu, 15 Dec 2022 00:00:00 +0530 Fri, 16 Dec 2022 11:23:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=431594 The NCLAT upheld the cancellation of the Resolution Plan due to the Successful Resolution Applicant's failure to implement it and affirmed the forfeiture of Rs. 20 Crores deposited. The reference to the IBBI for action under Section 74(3) was set aside, as no prima facie finding of willful contravention was established. The rejection of applications seeking directions and clarifications related to the Resolution Plan was upheld. The NCLAT directed the NCLT to expedite the decision on a pending matter and allowed the Resolution Professional to invite fresh expressions of interest, extending the CIRP period. Case-Laws Insolvency and Bankruptcy Thu, 15 Dec 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=431594