https://www.taxtmi.com/caselaws?id=752084 NCLAT dismissed appeal challenging liquidation order of corporate debtor. Appellant submitted resolution plan under section 29A IBC but was declared wilful defaulter on 17.07.2021 and 04.10.2021, prior to plan submission on 12.05.2022. No judicial stay existed regarding defaulter status at relevant time. NCLAT held relevant date for eligibility is plan submission date, making appellant ineligible. CoC's commercial wisdom in rejecting plan and recommending liquidation was upheld. Adjudicating Authority's order dated 19.04.2023 contained no errors. Appeal dismissed as devoid of merit. en-us Tue, 23 Apr 2024 00:00:00 +0530 Fri, 03 May 2024 07:18:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=752084 NCLAT dismissed appeal challenging liquidation order of corporate debtor. Appellant submitted resolution plan under section 29A IBC but was declared wilful defaulter on 17.07.2021 and 04.10.2021, prior to plan submission on 12.05.2022. No judicial stay existed regarding defaulter status at relevant time. NCLAT held relevant date for eligibility is plan submission date, making appellant ineligible. CoC's commercial wisdom in rejecting plan and recommending liquidation was upheld. Adjudicating Authority's order dated 19.04.2023 contained no errors. Appeal dismissed as devoid of merit. Case-Laws Insolvency and Bankruptcy Tue, 23 Apr 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=752084