Resolution plan rightly rejected due to non-serious and casual conduct of resolution applicant

Cimco Projects Ltd. & Ors. Vs Anup Kumar (NCLAT) Held that CIRP cannot be allowed to continue for indefinite period. Refusal to approve the resolution plan due to non-serious, casual and non-diligent conduct of the resolution applicant is within the four corners of law. Facts- Corporate insolvency resolution process (CIRP) of the corporate debtor was initiated. Accordingly, the resolution plan submitted by the Appellant was approved in the 10th Committee of Creditors meeting held on 07.11.2018. The resolution professional filed an application for the approval of the resolution plan in Nove...