The National Company Law Tribunal (NCLT), New Delhi Bench, has refused to approve the resolution plan for corporate debtor APS Infra Engineers Pvt. Ltd, holding that findings of fraudulent and undervalued transactions rendered the plan non‑compliant with the Insolvency and Bankruptcy Code (IBC), 2016.
The insolvency proceedings were initiated in August 2024 on a petition filed by operational creditor Praveen Kumar Garg. During the Corporate Insolvency Resolution Process (CIRP), four prospective resolution applicants submitted plans, with SPG Infra Projects Pvt. Ltd. emerging as the highest bidder after a Swiss Challenge auction. The Committee of Creditors (CoC), comprising ICICI Bank and Rich Credit Finance, approved…