https://www.taxtmi.com/caselaws?id=761075 NCLAT Principal Bench dismissed appeals challenging liquidation order of Corporate Debtor. Successful Resolution Applicant (SRA) objected to conditional Letter of Intent (LoI) after CoC approval, claiming conditions were not part of original resolution plan. NCLAT held SRA's objections were afterthought as conditions were discussed in CoC meetings where SRA participated. SRA was aware LoI would be subject to Adjudicating Authority's prospective orders but raised objections only after receiving conditional LoI. Court found no infirmity in liquidation decision as CIRP's 330-day limit expired due to SRA's procrastination in accepting LoI, and CoC has commercial wisdom to decide liquidation before resolution plan confirmation. en-us Tue, 29 Oct 2024 00:00:00 +0530 Tue, 05 Nov 2024 07:36:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=761075 NCLAT Principal Bench dismissed appeals challenging liquidation order of Corporate Debtor. Successful Resolution Applicant (SRA) objected to conditional Letter of Intent (LoI) after CoC approval, claiming conditions were not part of original resolution plan. NCLAT held SRA's objections were afterthought as conditions were discussed in CoC meetings where SRA participated. SRA was aware LoI would be subject to Adjudicating Authority's prospective orders but raised objections only after receiving conditional LoI. Court found no infirmity in liquidation decision as CIRP's 330-day limit expired due to SRA's procrastination in accepting LoI, and CoC has commercial wisdom to decide liquidation before resolution plan confirmation. Case-Laws IBC Tue, 29 Oct 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=761075