Once a resolution plan is approved, Substitution of same is not permissible

UV Asset Reconstruction Company Ltd. & Anr. Vs Aircel Ltd. Through Its Monitoring Committee (NCLAT Delhi) The recent judgment by the National Company Law Appellate Tribunal (NCLAT) in the case of UV Asset Reconstruction Company Ltd. & Anr. vs Aircel Ltd. highlights a crucial aspect of resolution proceedings. It addresses the issue of substitution of a Resolution Applicant (RA) after the approval of a resolution plan by the Committee of Creditors (CoC) and the National Company Law Tribunal (NCLT). The appellants, UV Asset Reconstruction Company Ltd. & Anr., sought substitution of an...