NCLAT backs fresh Form-G after revised plan misses CoC majority
In short
The NCLAT has backed a fresh Form-G notice after a revised plan failed to get enough support from the Committee of Creditors. The plan also did not have approval under Section 31.
What the reporting says
The NCLAT upheld the Committee of Creditors’ fresh Form-G after a revised resolution plan failed to secure the required 66% vote and lacked Section 31 approval. The tribunal held that the earlier approval did not create an indefeasible right. The decision leaves the fresh invitation process in place for the insolvency case.
Why it matters
The NCLAT upheld the Committee of Creditors’ fresh Form-G after the remitted revised plan failed to get the required 66% vote and had no Section 31 approval. The tribunal said the earlier approval did not create an indefeasible right. This affects the insolvency resolution process by allowing the fresh solicitation step to stand.