Revisiting Resolution Plan after Commencement of Liquidation Process is not Allowable as per Principle of Procedural Finality: NCLAT dismisses Appeal

The National Company Law Appellate Tribunal (NCLAT) has dismissed an appeal that sought to revisit a resolution plan after the liquidation process had commenced. The court held that the principle of procedural finality prevents any amendments or changes to the resolution plan once the liquidation process has begun. The decision emphasized the importance of adhering to timelines and processes outlined under the Insolvency and Bankruptcy Code (IBC), stating that once liquidation starts, resolution plans cannot be revisited. This ruling reaffirms the procedural integrity of insolvency and liquidation proceedings and discourages any attempts to alter plans after the formal commencement of liquidation.