NCLAT Dismisses Appeal against Rejected Resolution Plan after Second Plan Approval

Excel Commosale Private Limited Vs Kurrapati Singarayya Chowdary (NCLAT Chennai) In the case of Excel Commosale Private Limited vs. Kurrapati Singarayya Chowdary, the National Company Law Appellate Tribunal (NCLAT) dealt with an appeal challenging an order dated April 3, 2024, which rejected a resolution plan approved by the Committee of Creditors (CoC) with 100% voting. The adjudicating authority directed fresh Corporate Insolvency Resolution Process (CIRP) proceedings, inviting a new resolution plan. Subsequently, a second resolution plan was approved, rendering the appeal by the appellants,...