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The NCLAT upheld the order of the Adjudicating Authority directing valuation of intangible assets and rejecting the appellant's revised resolution plan. The appellant's initial resolution plan was approved, but upon an application by an unsecured creditor, the Adjudicating Authority ordered revaluation of intangible assets and reconsideration by the CoC. The appellant's revised plan was rejected by the CoC, and the Adjudicating Authority rightly dismissed the appellant's application as infructuous, directing issuance of fresh Form G. The NCLAT held that the intangible assets must be valued separately, and the CoC's commercial wisdom in rejecting the revised offer was a legitimate exercise of discretion. The appeal was dismissed.
The NCLAT upheld the order of the Adjudicating Authority directing valuation of intangible assets and rejecting the appellant's revised resolution plan. The appellant's initial resolution plan was approved, but upon an application by an unsecured creditor, the Adjudicating Authority ordered revaluation of intangible assets and reconsideration by the CoC. The appellant's revised plan was rejected by the CoC, and the Adjudicating Authority rightly dismissed the appellant's application as infructuous, directing issuance of fresh Form G. The NCLAT held that the intangible assets must be valued separately, and the CoC's commercial wisdom in rejecting the revised offer was a legitimate exercise of discretion. The appeal was dismissed.
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