https://www.taxtmi.com/caselaws?id=754972 The NCLAT dismissed an appeal where the successful resolution applicant failed to implement an approved resolution plan. The appellant failed to infuse Rs.29.34 crores as required and sought to make payment conditional upon the corporate debtor's status being made active with the Registrar of Companies. The NCLAT held that the adjudicating authority's refusal to grant waivers in the original order made implementation binding on the resolution applicant regardless of the company's status. The tribunal upheld the liquidation order under Section 33(3) read with Section 33(1)(b) of the Insolvency and Bankruptcy Code, finding the appellant's conditional approach to implementation unacceptable. en-us Mon, 01 Jul 2024 00:00:00 +0530 Thu, 04 Jul 2024 08:15:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=754972 The NCLAT dismissed an appeal where the successful resolution applicant failed to implement an approved resolution plan. The appellant failed to infuse Rs.29.34 crores as required and sought to make payment conditional upon the corporate debtor's status being made active with the Registrar of Companies. The NCLAT held that the adjudicating authority's refusal to grant waivers in the original order made implementation binding on the resolution applicant regardless of the company's status. The tribunal upheld the liquidation order under Section 33(3) read with Section 33(1)(b) of the Insolvency and Bankruptcy Code, finding the appellant's conditional approach to implementation unacceptable. Case-Laws Insolvency and Bankruptcy Mon, 01 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=754972