NCLAT Upholds Rejection of Resolution Plan as CIRP Was Not Conducted Transparently

Sandeep Lucky Vs Rajeev Lochan (NCLAT Delhi) In this case before the National Company Law Appellate Tribunal, the appeal challenged an order of the National Company Law Tribunal rejecting a resolution plan approved by the Committee of Creditors (CoC) with 100% voting share. The impugned order also removed the Resolution Professional (RP), directed a fresh Corporate Insolvency Resolution Process (CIRP), and stated that if the restarted CIRP was not completed within 120 days, the Corporate Debtor would stand deemed liquidated. The Adjudicating Authority had observed that although a resolution pl...