The National Company Law Appellate Tribunal (NCLAT) New Delhi bench of Justice Ashok Bhushan (Judicial Member), Mr. Arun Baroka (Technical Member) and Mr. Barun Mitra (Technical Member) has held that one of the contingencies outlined in the resolution plan has been accepted, and Successful Resolution Applicant (SRA) has expressed readiness to execute the construction in accordance with any of the approved options. These contingencies are lawful alternatives designed to facilitate construction with the necessary approvals from the Board. Therefore, the appellant’s claim that the resolution plan is contingent, unviable, or unworkable lacks merit.
Brief Facts:
The corporate debtor, Som Resorts Pvt Ltd. is engaged in the…