During the pendency of an IA, CoC approved Resolution Plan, the Tribunal allowed IA excluding a property from Assts of Corporate Debtor, however, Resolution Plan includes the same assets which was approved by AA after disposed of the IA, Can the order of approving Resolution Plan be recalled? – Nisha Chandwani Vs. Mr. Arun Kapoor RP of Monarch Brookfields LLP and Anr. – NCLT Mumbai Bench
January 7, 2025
In this case, an IA filed by applicant to exclude some assets. During the pendency of the IA, CoC Approved the Resolution Plan and the plan filed for approval of NCLT. Later, the NCLT allowed the IA file by the Applicant excluding the assets from the Resolution Plan. Later, the NCLT approved the Resolution Plan which includes the assets of the applicant. The Applicant files another IA to recall the resolution plan approval.