https://www.taxtmi.com/caselaws?id=311581 NCLAT dismissed an appeal by an unsuccessful resolution applicant challenging approval of another's resolution plan. The appellant argued the successful applicant was ineligible due to failure to implement a previous resolution plan for Allied Strips Limited. NCLAT held that delay in implementation cannot be equated with failure to implement, particularly considering COVID-19 pandemic circumstances. The CoC had consciously considered the eligibility issue and made a commercial decision to accept the plan. Once CoC approves a resolution plan pending adjudication under Section 31 IBC, it cannot review its decision, and unsuccessful applicants have no locus to challenge CoC's commercial wisdom. en-us Wed, 18 Aug 2021 00:00:00 +0530 Thu, 04 Jan 2024 05:33:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=311581 NCLAT dismissed an appeal by an unsuccessful resolution applicant challenging approval of another's resolution plan. The appellant argued the successful applicant was ineligible due to failure to implement a previous resolution plan for Allied Strips Limited. NCLAT held that delay in implementation cannot be equated with failure to implement, particularly considering COVID-19 pandemic circumstances. The CoC had consciously considered the eligibility issue and made a commercial decision to accept the plan. Once CoC approves a resolution plan pending adjudication under Section 31 IBC, it cannot review its decision, and unsuccessful applicants have no locus to challenge CoC's commercial wisdom. Case-Laws Insolvency and Bankruptcy Wed, 18 Aug 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=311581