NCLAT Upholds Supreme Court, Sets Aside Resolution Plan Without CCI Approval, Restores Stakeholders' Rights

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....The NCLAT upheld the Supreme Court's decision setting aside the Resolution Plan approved by the CoC without prior CCI approval, rendering the plan unsustainable and nullifying all actions taken pursuant thereto. Consequently, the rights of all stakeholders were restored to the status quo ante. The Tribunal noted that the Supreme Court found inconsistencies in the data submitted and emphasized the need for greater scrutiny. With the Resolution Plan set aside, issues regarding the return of Performance Bank Guarantees (PBG) became moot. The Tribunal affirmed that returning the PBG to the resolution applicant was a consequential act following the Supreme Court's order and dismissed the appeals as misconceived.....