The National Company Law Tribunal (NCLT) Mumbai bench of Lakshmi Gurung (Member Judicial) and Hariharan Neelakanta Iyer (Member Technical) has held that once the Successful Resolution Applicant fails to comply with the terms of the Resolution Plan despite several reminders being given, the Adjudicating Authority is mandated to pass an order of liquidation under section 33(4) of the IBC.
The present application has been filed under section 33(3) of the Insolvency and Bankruptcy Code, 2016 (IBC) by the Secured Creditor of the Corporate Debtor seeking liquidation of the Corporate Debtor due to non-compliance with the conditions of the Resolution Plan by the Successful Resolution Applicant (SRA).
The Applicant submitted that…