Adjudicating Authority Can Pass Order U/S 114 Of IBC Based On Resolution Professional's Report If No Repayment Plan Is Submitted: NCLT New Delhi

The NCLT (National Company Law Tribunal), New Delhi, has ruled that an adjudicating authority can pass an order under Section 114 of the IBC based on a "Resolution Professional's (RP) report" if no repayment plan is submitted. The ruling clarifies that in the absence of a viable repayment plan from the debtor, the tribunal can move forward with the liquidation process based on the RP's recommendations. This decision is crucial for ensuring the timely conclusion of insolvency proceedings.