https://www.taxtmi.com/caselaws?id=754975 NCLAT set aside NCLT's liquidation order of corporate debtor where resolution plan implementation was stalled due to SC's interim stay orders. Tribunal held that liquidation grounds under Section 33 IBC were not satisfied as delay was attributable to judicial stay, not successful resolution applicant's default. Court ruled that time period under judicial stay should be excluded from 18-month implementation timeline. Financial creditor cannot unilaterally seek liquidation without stakeholder discussions when plan exists but implementation is judicially restrained. Appeal allowed, matter remanded to exclude stayed period from implementation timeline. en-us Tue, 02 Jul 2024 00:00:00 +0530 Thu, 04 Jul 2024 08:15:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=754975 NCLAT set aside NCLT's liquidation order of corporate debtor where resolution plan implementation was stalled due to SC's interim stay orders. Tribunal held that liquidation grounds under Section 33 IBC were not satisfied as delay was attributable to judicial stay, not successful resolution applicant's default. Court ruled that time period under judicial stay should be excluded from 18-month implementation timeline. Financial creditor cannot unilaterally seek liquidation without stakeholder discussions when plan exists but implementation is judicially restrained. Appeal allowed, matter remanded to exclude stayed period from implementation timeline. Case-Laws Insolvency and Bankruptcy Tue, 02 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=754975