NCLT rejects ₹419.50 crore resolution plan over maintenance dispute
In short
NCLT has rejected a ₹419.50 crore resolution plan even though the committee of creditors backed it 100%. The tribunal said pending NHAI maintenance work was needed to run the highway and keep the concession agreement going.
This stops the plan from being implemented.
What the reporting says
NCLT rejected a ₹419.50 crore resolution plan despite 100% CoC approval, holding that pending NHAI maintenance work was essential for implementation. The tribunal found the successful resolution applicant had refused to take up the work needed for highway operations and continuation of the concession agreement. The rejection blocks the approved plan from moving forward.
Why it matters
NCLT rejected the ₹419.50 crore resolution plan even after 100% CoC approval because the successful resolution applicant declined pending NHAI maintenance work. The tribunal said that work was necessary for highway operations and for continuing the concession agreement. The decision prevents implementation of the approved resolution plan.