The NCLAT ruled that the appeal against the resolution plan is not maintainable. However, the Ayra Consortium retains the right to argue its intervention application at a later stage.
NCLAT Dismisses Appeal on Incomplete Resolution Plan
The National Company Law Appellate Tribunal (NCLAT) held that the appeal regarding the resolution plan was not maintainable due to its incompleteness and legal non-compliance. The tribunal emphasized that while the appeal is dismissed, the Ayra Consortium's rights to contest its intervention application are preserved, which will be addressed when a reconsidered resolution plan is submitted before the adjudicating authority.
This ruling comes amid an ongoing scrutiny of the procedural integrity of resolution plans under the Insolvency and Bankruptcy Code (IBC). The tribunal referenced various provisions of the IBC and its goal of providing a timely resolution to creditors while upholding the rights of stakeholders.
Legal practitioners should note the significant implications this decision may hold for future resolutions where the procedural compliance could affect the maintainability of appeals. The reservation of rights for the Ayra Consortium may create additional judicial avenues for intervention.
Citations
- Ayra Consortium v. Resolution Professional (2026) NCLAT 123
