NCLAT says Resolution Plan Cannot Rest on Unsecured Regulatory Assumptions

The resolution plan proposed development and sub-leasing of SEZ land for non-SEZ industrial use, although GIDC's consent and the Development Commissioner's formal de-notification process remained incomplete. NCLAT held that a resolution plan cannot be built on a contested presumption of future regulatory approval and ordered the CIRP to restart from a fresh invitation of EOI with a corrected Information Memorandum.