https://www.taxtmi.com/caselaws?id=445215 The NCLAT Principal Bench disposed of a liquidator's application seeking directions for vacant possession of immovable property from the respondent. The Tribunal had previously allowed the respondent time to settle statutory creditor dues with a positive approach, granting two extensions. However, the respondent failed to submit responsive settlement proposals and instead filed an appeal before CESTAT, attempting to dispute rather than clear claims. The Tribunal held this defeated IBC objectives of timely completion, noting liquidation processes are time-bound within one year and already delayed in this case, finding no cogent reasons for further extensions. en-us Wed, 01 Nov 2023 00:00:00 +0530 Wed, 01 Nov 2023 17:26:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=445215 The NCLAT Principal Bench disposed of a liquidator's application seeking directions for vacant possession of immovable property from the respondent. The Tribunal had previously allowed the respondent time to settle statutory creditor dues with a positive approach, granting two extensions. However, the respondent failed to submit responsive settlement proposals and instead filed an appeal before CESTAT, attempting to dispute rather than clear claims. The Tribunal held this defeated IBC objectives of timely completion, noting liquidation processes are time-bound within one year and already delayed in this case, finding no cogent reasons for further extensions. Case-Laws Insolvency and Bankruptcy Wed, 01 Nov 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=445215