As per case facts the Resolution Plan for the Corporate Debtor BPSL was approved by the NCLT after the statutory -day limit for CIRP had expired and despite multiple non-compliances ... including the failure of the Resolution Professional to verify eligibility under Section A and JSW's failure to make committed upfront payments compounded by the NCLAT incorrectly assuming jurisdiction over a PMLA attachment issue The NCLT and NCLAT's orders were challenged leading to the Supreme Court's assessment of the legality of the entire CIRP process The question arose whether the Resolution Plan and the entire CIRP process were vitiated due to gross non-compliance with the mandatory time limits of Section and other statutory requirements of the IBC and if the NCLAT acted beyond its jurisdiction Finally the Supreme Court quashed and set aside the NCLT and NCLAT orders rejected JSW's Resolution Plan and directed the NCLT to initiate liquidation proceedings against the Corporate Debtor The Court held that the mandatory nature of the Section time limit was violated the Resolution Professional failed their statutory duties the NCLAT erred in exercising public law review over the PMLA attachment and the SRA's non-compliance and delay vitiated the process

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