The National Company Law Appellate Tribunal (NCLAT) New Delhi bench has held that when a successful resolution applicant fails to obtain necessary approvals within one year from the date of approval of the resolution plan, liquidation of the corporate debtor can be initiated.
A Successful Resolution Applicant (SRA), the appellant, Taguda Pte Ltd.has filed a challenge to the order dated 08.12.2023 passed by the adjudicating authority (National Company Law Tribunal ), partly allowing the filing by the State Bank of India (SBI), Respondent No. 1, praying for direction to the SRA to implement the revised resolution plan. By the impugned order, prayers made in I.A. i.e., Prayer (a) has been allowed directing the SRA (appellant)…