Once a Prospective Resolution Applicant fails to succeed, he cannot turn volta face to challenge the extension of time granted to file Resolution Plan, as violative of regulations, as he acquiesced into the alleged violation of regulations and allowed a right to be created in favor of the Successful Resolution Applicant in the meantime – NCLT, Kolkata Bench
Once a Prospective Resolution Applicant fails to succeed, he cannot turn volta face to challenge the extension of time granted to file Resolution Plan, as violative of regulations, as he acquiesced into the alleged violation of regulations and allowed a right to be created in favor of the Successful Resolution Applicant in the meantime. However, no violations were noted –by the Division Bench of Smt. Bidisha Banerjee and Shri Balraj Joshi, NCLT, Kolkata Bench