Dissolution Order sustained on failure of promoters to project resolution plan within time

Shyson Thomas Vs Madhugiri Venkatarayappa Sudarshan (NCLAT Chennai) NCLAT Chennai held that ‘Order of Dissolution’ sustainable as the ‘Promoters’ failed to project the ‘Resolution Plan’ within the specified time limit. Facts- The Appellant / Promoter, is the Managing Director of M/s. Air Pegasus Private Limited, has preferred the instant appeal before this Tribunal as an ‘Aggrieved Person’ in respect of the impugned order passed by the `Adjudicating Authority’ (`National Company Law Tribunal’, Bengaluru Bench). The Appellant / Promoter of the ‘Corporate Debtor’ had sold...