Summary
In the IVR Prime IT SEZ insolvency, a plan approved by the CoC in 2022 stayed pending before the NCLT, and a later revised plan failed to reach 66% support, so the CoC chose to invite fresh bids. NCLAT dismissed appeals by the earlier resolution applicant and a suspended director, holding that CoC approval without tribunal sanction creates no vested right.
What it means for you
Resolution applicants should not treat CoC approval as final until the NCLT sanctions the plan under Section 31.
This summary is general information, not legal advice. The outcome of any case depends on its facts; read the source and take advice before acting.
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