https://www.taxtmi.com/caselaws?id=767465 The NCLAT allowed an appeal challenging the Adjudicating Authority's direction to the Committee of Creditors regarding a late-submitted resolution plan. The CoC had extended the submission deadline to 14.02.2024 as the final extension, but Respondent's plan was received and considered on 16.02.2024. The CoC properly rejected the late plan and conducted a challenge process on 23.04.2024, declaring the appellant as H1 bidder. The NCLAT held that the CoC acted within statutory regulations under Regulation 36B(6) and 39(1B) of IBBI Regulations 2016, exercising commercial wisdom in rejecting the late submission. The Adjudicating Authority erred in interfering with the CoC's decision without sufficient grounds. en-us Mon, 17 Mar 2025 00:00:00 +0530 Wed, 19 Mar 2025 06:45:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=767465 The NCLAT allowed an appeal challenging the Adjudicating Authority's direction to the Committee of Creditors regarding a late-submitted resolution plan. The CoC had extended the submission deadline to 14.02.2024 as the final extension, but Respondent's plan was received and considered on 16.02.2024. The CoC properly rejected the late plan and conducted a challenge process on 23.04.2024, declaring the appellant as H1 bidder. The NCLAT held that the CoC acted within statutory regulations under Regulation 36B(6) and 39(1B) of IBBI Regulations 2016, exercising commercial wisdom in rejecting the late submission. The Adjudicating Authority erred in interfering with the CoC's decision without sufficient grounds. Case-Laws IBC Mon, 17 Mar 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=767465