Application seeking approval of resolution plan rejected as criteria u/s. 30(2) of IBC not meet

Shailendra Ajmera Vs Committee of Creditors of Nirmal Lifestyle (Kalyan) Pvt. Ltd. & Ors. (NCLT Mumbai) NCLT Mumbai rejected the application u/s. 30(6) of the Insolvency and Bankruptcy Code [IBC] seeking approval of resolution plan since the same didn’t meet all the criteria laid down in sub-section (2) of Section 30 of the Code read with Regulations 36A and 39 of the CIRP Regulations. Facts- This Application was filed on 22.10.2024 by the Applicant, who is the Resolution Professional of Nirmal Lifestyle (Kalyan) Private Limited (the Corporate Debtor), under Section 30(6) of the Insolven...