The Suspended Director of a Corporate Debtor filed an appeal challenging the Adjudicating Authority's order dated 20.06.2024, which directed the liquidation of the corporate debtor based on a resolution by the Committee of Creditors on 02.03.2023. The appellant claimed the Corporate Debtor is a MSME and intended to file a resolution plan but failed to do so. The appellant sought condonation for a 14-day delay in filing the appeal. The court condoned the delay. The Corporate Debtor is considered to be an MSME. The appellant can submit a compromise or arrangement as contemplated by Regulation 2(B) of the Liquidation Regulation, 2016, and Section 230 of the Companies Act within 90 days.

The Suspended Director of a Corporate Debtor filed an appeal challenging the Adjudicating Authority's order dated 20.06.2024, which directed the liquidation of the corporate debtor based on a resolution by the Committee of Creditors on 02.03.2023. The appellant claimed the Corporate Debtor is a MSME and intended to file a resolution plan but failed to do so. The appellant sought condonation for a 14-day delay in filing the appeal. The court condoned the delay. The Corporate Debtor is considered to be an MSME. The appellant can submit a compromise or arrangement as contemplated by Regulation 2(B) of the Liquidation Regulation, 2016, and Section 230 of the Companies Act within 90 days.