Wilful defaulter held ineligible under s.29A IBC; resolution plan rejected for non-compliance with s.30(2) requirements

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....NCLAT upheld the impugned order, holding that the eligibility criteria under s.29A IBC, as incorporated in the RFRP, had to be satisfied by the resolution applicant at three stages: submission of the resolution plan, its consideration by the CoC, and approval by the Adjudicating Authority. The Appellant, a CoC member, had accepted these terms without objection. Since the successful resolution applicant had been declared a wilful defaulter prior to submission of the revised plan, it was ineligible under s.29A on the filing date, rendering the plan non-compliant with s.30(2) and related regulations. NCLAT agreed that a fresh plan could be considered by the CoC with other eligible plans and found no infirmity in the Adjudicating Authority's order, dismissing the appeals as meritless.....