Insolvency Resolution Plan Approved Unanimously; Reliefs Outside Timelines Exceed Insolvency Code Scope, Deviations Deemed Ultra Vires.

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....Seeking the ‘Expression of Interest’ be considered - Approval of Resolution Plan - Section 30(6) of IBC - The legislative intent of the statute together with the fact that in the instant case the Resolution Plan was accepted by 100% of voting share in the CoC Meeting dated 21.06.2021 and having regard to the fact that the Appellant had never participated in the EoI, we are of the view that any reliefs granted in contra to the timelines would be ultra vires to the scope and objective of the Code - AT....