National Company Law Tribunal (NCLT) has rejected the resolution plan where the amount of ₹7 crore is offered to the creditors in contrast to the liquidation value of ₹9.42 crore of the corporate debtor because the resolution plan has failed to safeguard the statutory rights of the dissenting secured financial creditor under Section 30(2)(b) of IBC.
The CIRP was filed by Central Bank of India against Worlds Window Exim Pvt. Ltd. for a default of ₹175.96 crore as on March 22, 2024. In the process of CIRP, Dickey Special Situation Investment Trust, by Dickey Asset Management Pvt. Ltd., was selected as the resolution applicant.
The corporate debtor was formed in the year 2006 and was a non-operational and …