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.
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.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4819 
Join Channel 
