Reasoned order is to be passed by NCLT for non-approval of resolution plan

Ramkrishna Forgings Limited Vs Ravindra Loonkar (Supreme Court of India) Supreme Court that the Adjudicating Authority (NCLT) has jurisdiction only u/s. 31(2) of the Code, which gives power not to approve only when the Resolution Plan does not meet the requirement laid down u/s. 31(1) of the Code, for which a reasoned order is required to be passed. Facts- ACIL is a manufacturer of precision engineering and automobile components, namely crankshafts for tractors, HCVs, LCVs as well as two-wheelers, as also connecting rods, steering knuckles and hubs. It was the subject-matter of a Corporate Ins...