Corporate debtor to be taken in liquidation due to non-implementation of resolution plan even after lapse of 5 years

State Bank of India & Ors Vs Consortium of Mr. Murari Lal Jalan And Mr. Florian Fritsch & Anr (Supreme Court of India)

Supreme Court held that jurisdiction under Article 142 of the Constitution of India invoked due to non-implementation of approved resolution plan even after five years of the approval. Accordingly, it is directed that the corporate debtor be taken in liquidation.

Facts- These appeals arise from the judgment and order dated 12.03.2024 passed by the National Company Law Appellate Tribunal (NCLAT) wherein the NCLAT dismissed the appeal

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