https://www.taxtmi.com/caselaws?id=447388 NCLAT Chennai dismissed an appeal challenging liquidation order after resolution plan failure. The appellant sought modification of repayment terms, promising Rs.25 crores in no-lien account and Rs.15 crores within three weeks. Despite majority creditor accepting modified terms in September 2021, appellant failed to pay required Rs.83.07 crores by November 2021. Court noted two-and-half years elapsed since 2019 plan approval with multiple opportunities given. NCLAT emphasized IBC's time-bound nature and strict timeline adherence per SC precedents, ruling adjudicating authority correctly allowed liquidation application under Section 33 of IBC. en-us Thu, 21 Dec 2023 00:00:00 +0530 Sat, 23 Dec 2023 15:48:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=447388 NCLAT Chennai dismissed an appeal challenging liquidation order after resolution plan failure. The appellant sought modification of repayment terms, promising Rs.25 crores in no-lien account and Rs.15 crores within three weeks. Despite majority creditor accepting modified terms in September 2021, appellant failed to pay required Rs.83.07 crores by November 2021. Court noted two-and-half years elapsed since 2019 plan approval with multiple opportunities given. NCLAT emphasized IBC's time-bound nature and strict timeline adherence per SC precedents, ruling adjudicating authority correctly allowed liquidation application under Section 33 of IBC. Case-Laws Insolvency and Bankruptcy Thu, 21 Dec 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=447388