Even in a case where the Adjudicating Authority has not approved the plan would not imply that the plan can go back and forth making the CIRP an endless process – IDBI Bank Ltd. Vs. Jalesh Kumar Grover RP of GPI Textiles Ltd. – NCLAT New Delhi
Hon’ble NCLAT referred recent judgment in M/s. RPS Infrastructure Ltd. Vs. Mukul Kumar & Anr and held that once the Hon’ble Supreme Court has held that even in a case where the Adjudicating Authority has not approved the plan would not imply that the plan can go back and forth making the CIRP an endless process because in that matter it would result in the reopening of the whole issue, particularly as there may be other similar persons who may jump onto the bandwagon.
