https://www.taxtmi.com/highlights?id=88973 NCLAT dismissed the appeal regarding implementation of a resolution plan under IBC. The tribunal held that regulatory approvals were not obtained within the statutory one-year timeline prescribed under Section 31(4) of the Insolvency and Bankruptcy Code. Despite the resolution plan's approval on 03.02.2022, the required regulatory clearances remained pending beyond the prescribed period. The court emphasized that the statutory authority's inability to secure approvals does not absolve it from the mandatory timeline. Consequently, the tribunal found sufficient grounds to proceed with liquidation proceedings, upholding the lower court's order and rejecting the appellant's prayer for direction to implement the resolution plan. en-us Mon, 02 Jun 2025 08:34:44 +0530 Mon, 02 Jun 2025 08:34:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=88973 NCLAT dismissed the appeal regarding implementation of a resolution plan under IBC. The tribunal held that regulatory approvals were not obtained within the statutory one-year timeline prescribed under Section 31(4) of the Insolvency and Bankruptcy Code. Despite the resolution plan's approval on 03.02.2022, the required regulatory clearances remained pending beyond the prescribed period. The court emphasized that the statutory authority's inability to secure approvals does not absolve it from the mandatory timeline. Consequently, the tribunal found sufficient grounds to proceed with liquidation proceedings, upholding the lower court's order and rejecting the appellant's prayer for direction to implement the resolution plan. Highlights IBC Mon, 02 Jun 2025 08:34:44 +0530 https://www.taxtmi.com/highlights?id=88973