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        Case ID :
        IBC

        NCLAT set aside the impugned approval of the resolution plan and...

        Approval set aside for failing to disclose all assets under Reg. 35; fresh CIRP and Form G within 3 months

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                          Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                            Provisions expressly mentioned in the judgment/order text.
                                NCLAT set aside the impugned approval of the resolution plan and disposed of the appeal, holding that the RP failed to value and disclose all assets of the corporate debtor as mandated by Reg. 35 and related definitions; assets include all rights, entitlements and properties, not only fixed assets. The tribunal found material assets were omitted from the CIRP information memorandum and that the CoC lacked essential information to exercise commercial wisdom. RP's excuses regarding absence during enforcement action were rejected. Given procedural infirmities and inaction by the successful resolution applicant, NCLAT directed issuance of a fresh Form G and completion of the CIRP, including reconsideration of resolution plans, within three months.
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