The NCLAT upheld the decision of the Adjudicating Authority stating that the appellants had failed to exercise due diligence on protecting their rights with the prescribed timelines.
The National Company Law Appellate Tribunal, Principal Bench, New Delhi dismissed the appeals filed under Section 61 of Insolvency and Bankruptcy Code 2016 due to failure of appellant to exercise due diligence on protecting their rights with the prescribed timelines. It was observed that an approved resolution plan cannot be reopened based on belatedly agitated claims.
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The appeals were submitted by the appellants, who were mostly homebuyers who had…
