Once a Resolution Plan approved u/s 31 of IBC, New Resolution Applicant cannot be brought in nor can be substituted with another Resolution Applicant – UV Asset Reconstruction Company Ltd. and Anr. Vs. Aircel Ltd. Through Its Monitoring Committee – NCLAT New Delhi
In this case, ARC was Resolution Applicant. In view of the circular issued by RBI, ARCs cannot be Resolution Applicant unless they have achieved certain net worth which the present Appellant has not. ARC filed an application praying for substitution of Resolution Applicant with another entity, which has been rejected by the NCLT by the impugned order.
NCLAT upheld the decision of NCLT.
