NCLAT says Earlier CoC Approval Does Not Bar Fresh Form-G After Revised Plan Fails

NCLAT upheld the publication of a fresh Form-G after the revised resolution plan of the earlier successful resolution applicant failed to secure the statutory 66% CoC voting threshold. The earlier 100% approval had not culminated in approval under Section 31 and did not confer an indefeasible right after the plan was remitted for reconsideration. With the alternative Section 12A settlement proposal also failing, the CoC was entitled to pursue a fresh resolution process in exercise of its commercial decision-making powers.