New Delhi: The insolvency appellate tribunal NCLAT has set aside Zaveri Group‘s resolution plan for Gujarat Hydrocarbons and Power SEZ Ltd (GHPSL) and directed the Resolution Professional and NCLT to start the process again by inviting fresh bids.
A two-member NCLAT bench observed that the bid submitted by Zaveri & Co was based on an “unverified and contested presumption” that the leasehold of the land owned by the Gujarat Hydrocarbons and Power SEZ Ltd (GHPSL) will be de-notified from Special Economic Zone (SEZ) status.
Setting aside an order of the Delhi-bench of the National Company Law Tribunal (NCLT), the appellate tribunal said that within two weeks of this order, it will issue fresh orders and appoint a new Resolution Professional…