Revisiting Resolution Plan After Commencement Of Liquidation Process Is Against Principle Of Procedural Finality: NCLAT Chennai

The NCLAT Chennai ruled that revisiting a resolution plan after the commencement of the liquidation process contradicts the principle of procedural finality. The tribunal emphasized that once liquidation is initiated, the resolution process must conclude, and reopening it undermines legal certainty and creditor confidence. This decision reinforces the importance of adhering to established timelines in insolvency proceedings, maintaining the finality of decisions made during the resolution phase. It aims to uphold the procedural integrity and predictability of the insolvency framework, ensuring fair treatment of all stakeholders involved.