Insolvency plan compliance: failure to acknowledge creditor claims or secure approvals undermines approved resolution plans.
The court held that a recall application grounded in lack of notice and alleged misrepresentation is maintainable under principles of natural justice. It found the resolution plan non-compliant with Section 30(2) read with Regulations 37 and 38-specifically for failing to acknowledge a creditor's claim, misrecording the payable amount, omitting secured creditor classification despite a charge, and proposing use of third-party statutory land without necessary approvals-deficiencies that materially affected the plan's transparency and treatment of creditor classes.