The Allahabad Bench of the National Company Law Tribunal (NCLT) has rejected the resolution plan submitted by the consortium of Dr Mukesh Kumar Agarwal and Divyansh Agarwal for Usha India Limited.
The tribunal also ordered liquidation of the company.
The bench of Judicial Member Praveen Gupta and Technical Member Ashish Verma held that it was unable to record satisfaction that the approved resolution plan complied with the mandatory requirements of the Insolvency and Bankruptcy Code.
Explaining its reasons, the bench observed, “….we are of the considered opinion that although the Resolution Plan envisages a mechanism for restoration, development and possible monetisation of certain assets, it fails to adequately demonstrate how…