The NCLAT upheld the challenge process and negotiation process conducted by the Resolution Professional...

The NCLAT upheld the challenge process and negotiation process conducted by the Resolution Professional (RP) as per CIRP Regulations and Process Note. It held SRA eligible to submit the Resolution Plan as per Clause 3 of the Invitation for Expression of Interest, including the net worth and turnover of its promoter Mr. Sahil Mangla within the definition of 'entity'. The NCLAT found no material irregularities by the RP u/s 61(3)(ii) of the IBC to interfere with the Adjudicating Authority's order approving SRA's Resolution Plan. Consequently, the appeal was dismissed, upholding the processes and commercial judgment of the CoC during CIRP. .....

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