https://www.taxtmi.com/caselaws?id=751833 NCLAT allowed appeal challenging rejection of extension application for resolution plan payments. Corporate debtor's resolution applicant, an IIT Mumbai M.Tech with three decades experience in boiler manufacturing, had paid first three tranches timely but defaulted on fourth tranche due April 2023. Resolution plan included litigation recoveries as funding source expecting Rs.1040.85 lakhs recovery. NCLAT held adjudicating authority has jurisdiction to grant payment timeline extensions without CoC concurrence, and extension doesn't constitute plan modification. Lower court's rejection based on lack of CoC approval was erroneous and unsustainable, order set aside with extension granted. en-us Mon, 08 Apr 2024 00:00:00 +0530 Fri, 26 Apr 2024 20:52:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=751833 NCLAT allowed appeal challenging rejection of extension application for resolution plan payments. Corporate debtor's resolution applicant, an IIT Mumbai M.Tech with three decades experience in boiler manufacturing, had paid first three tranches timely but defaulted on fourth tranche due April 2023. Resolution plan included litigation recoveries as funding source expecting Rs.1040.85 lakhs recovery. NCLAT held adjudicating authority has jurisdiction to grant payment timeline extensions without CoC concurrence, and extension doesn't constitute plan modification. Lower court's rejection based on lack of CoC approval was erroneous and unsustainable, order set aside with extension granted. Case-Laws Insolvency and Bankruptcy Mon, 08 Apr 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=751833