NCLT must pass Reasoned Order for Rejection of Resolution Plan u/s 31(2) of IBC: Supreme Court [Read Order]
The Supreme Court rules that reasoned decision should be passed by NCLT for rejection of resolution plan
By Kalyani B. Nair - On December 4, 2023 1:00 pm - 2 mins read
In a significant ruling the Supreme Court of India observed that the National Company Law Tribunal (NCLT) must pass reasoned order for rejection of resolution plan under Section 31(2) of the Insolvency and Bankruptcy Code, 2016 (IBC). The petitioner in the present matter is Ramkrishna Forgings Limited. ACIL is a manufacturer of precision engineering and…
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