In Brief
The Supreme Court dismissed an appeal by a company that had obtained Court approval for a resolution plan under the Insolvency and Bankruptcy Code but failed to implement it despite multiple opportunities and extensions. Although liquidation is a last resort, the Court held that when a resolution applicant repeatedly defaults on its obligations, repeatedly fails to meet extended deadlines set by the Court itself, and cannot demonstrate genuine progress despite claiming good faith, the Court must enforce accountability. The Rs 20 crore deposited by the appellant was forfeited, liquidation order was restored, and management reverted to the liquidator, emphasizing that time compliance is crucial to the IBC framework.
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