https://www.taxtmi.com/caselaws?id=766890 The NCLAT dismissed an appeal challenging the rejection of a resolution plan under the IBC, 2016. The appellant was deemed ineligible under Section 29A(e) as its director was disqualified under Section 164(2) of the Companies Act, 2013 for failing to file financial statements for three continuous years. The tribunal found the appellant's application was filed six months after withdrawing the EMD, appearing to delay the CIRP process. The NCLAT upheld that the Committee of Creditors' commercial wisdom in rejecting resolution plans is non-justiciable, affirming the NCLT's decision to proceed with liquidation. en-us Mon, 06 Jan 2025 00:00:00 +0530 Thu, 06 Mar 2025 07:35:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=766890 The NCLAT dismissed an appeal challenging the rejection of a resolution plan under the IBC, 2016. The appellant was deemed ineligible under Section 29A(e) as its director was disqualified under Section 164(2) of the Companies Act, 2013 for failing to file financial statements for three continuous years. The tribunal found the appellant's application was filed six months after withdrawing the EMD, appearing to delay the CIRP process. The NCLAT upheld that the Committee of Creditors' commercial wisdom in rejecting resolution plans is non-justiciable, affirming the NCLT's decision to proceed with liquidation. Case-Laws Companies Law Mon, 06 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=766890