The National Company Law Appellate Tribunal has rejected Zaveri Group’s resolution plan for Gujarat Hydrocarbons and Power SEZ due to significant documentation errors and unverified land assumptions. The court has ordered a complete restart of the insolvency process, requiring a new resolution professional to invite fresh bids. This ruling underscores the strict requirement for transparency and data accuracy in corporate debt resolution.
The National Company Law Appellate Tribunal (NCLAT) has set aside the approved resolution plan for Gujarat Hydrocarbons and Power SEZ Ltd (GHPSL), forcing the company’s insolvency proceedings back to the beginning. This ruling effectively invalidates the bid submitted by Zaveri Group, citing…