NCLAT says a Parallel CIRP Cannot Defeat a Supreme Court-Restored Resolution Plan

The Supreme Court had restored the resolution plan for the Earth Towne project in the CIRP of Earth Infrastructures Limited, treating its land-owning subsidiary as a front for the purposes of resolving the project. NCLAT held that a separate CIRP against the subsidiary, concerning the very land and homebuyer claims covered by the restored plan, was incompatible with the Supreme Court's judgment. It set aside the order admitting the subsidiary into CIRP.