https://www.taxtmi.com/caselaws?id=313959 The NCLAT Chennai set aside the NCLT Bengaluru order that directed the Resolution Professional to place respondents' resolution plan before the Committee of Creditors. The respondents had initially expressed inability to submit their resolution plan in November 2019 but attempted to resubmit after five months, well beyond the prescribed CIRP timeline. The NCLAT held that respondents cannot be considered as Prospective Resolution Applicants since they backed out initially and sought belated entry beyond the CIRP period. The tribunal found the adjudicating authority exceeded jurisdiction by interfering with the Committee of Creditors' commercial wisdom without establishing any material irregularity or law violation. The company appeal was allowed. en-us Mon, 19 Sep 2022 00:00:00 +0530 Fri, 10 May 2024 06:55:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=313959 The NCLAT Chennai set aside the NCLT Bengaluru order that directed the Resolution Professional to place respondents' resolution plan before the Committee of Creditors. The respondents had initially expressed inability to submit their resolution plan in November 2019 but attempted to resubmit after five months, well beyond the prescribed CIRP timeline. The NCLAT held that respondents cannot be considered as Prospective Resolution Applicants since they backed out initially and sought belated entry beyond the CIRP period. The tribunal found the adjudicating authority exceeded jurisdiction by interfering with the Committee of Creditors' commercial wisdom without establishing any material irregularity or law violation. The company appeal was allowed. Case-Laws Insolvency and Bankruptcy Mon, 19 Sep 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=313959