NCLAT Delhi Rejected Resolution Plan Due to Inadequate Valuation & Missing Asset Details

Arpan Maheshkumar Shah Vs Committee of Creditors Omshri Devprocon Ltd. & Ors. (NCLAT Delhi) The National Company Law Appellate Tribunal, Delhi (National Company Law Appellate Tribunal) considered an appeal challenging the rejection of a resolution plan by the Adjudicating Authority. The appeal was filed with a delay of nine days, which was condoned after the Tribunal found sufficient cause. The impugned order had rejected the plan approval application after examining the corporate debtor’s financial position, balance sheets, valuation reports, and statutory dues. The Adjudicating Authori...