https://www.taxtmi.com/caselaws?id=760229 NCLAT dismissed an appeal challenging rejection of a resolution plan for late submission. The appellant argued no specific time was prescribed, claiming submission was possible before 12:00 PM. The tribunal held that the Request for Resolution Plan clearly specified 17:00 hours as the deadline. When the submission date was extended from 27.05.2023 to 03.06.2023, the time remained unchanged. The appellant attempted submission after 17:00 hours on 03.06.2023, taking an unjustified risk. The Committee of Creditors had already considered timely submissions and approved liquidation. No relief was granted due to non-compliance with prescribed timelines. en-us Tue, 23 Apr 2024 00:00:00 +0530 Fri, 18 Oct 2024 09:14:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=760229 NCLAT dismissed an appeal challenging rejection of a resolution plan for late submission. The appellant argued no specific time was prescribed, claiming submission was possible before 12:00 PM. The tribunal held that the Request for Resolution Plan clearly specified 17:00 hours as the deadline. When the submission date was extended from 27.05.2023 to 03.06.2023, the time remained unchanged. The appellant attempted submission after 17:00 hours on 03.06.2023, taking an unjustified risk. The Committee of Creditors had already considered timely submissions and approved liquidation. No relief was granted due to non-compliance with prescribed timelines. Case-Laws IBC Tue, 23 Apr 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=760229