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The NCLAT dismissed the appeal and upheld the AA's approval of the resolution plan. The Tribunal held pre-CIRP valuations irrelevant; only the RP's post-CIRP valuation by registered valuers governs valuation, and the RP procured valuations in compliance with the Code and Regulations. The Appellant's failure to furnish documents to the RP undermined his challenge. The Appellant, as a suspended director/ex-promoter, lacks locus to contest approval of the resolution plan, and cannot rely on pre-CIRP valuation reports to impugn the plan. No infirmity was found in the impugned order; the application approving the resolution plan was correctly allowed and the appeal was dismissed.
The NCLAT dismissed the appeal and upheld the AA's approval of the resolution plan. The Tribunal held pre-CIRP valuations irrelevant; only the RP's post-CIRP valuation by registered valuers governs valuation, and the RP procured valuations in compliance with the Code and Regulations. The Appellant's failure to furnish documents to the RP undermined his challenge. The Appellant, as a suspended director/ex-promoter, lacks locus to contest approval of the resolution plan, and cannot rely on pre-CIRP valuation reports to impugn the plan. No infirmity was found in the impugned order; the application approving the resolution plan was correctly allowed and the appeal was dismissed.
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