NCLAT Overturns Adel Landmarks Plan Remand Order

NCLAT sets aside NCLT order remanding Adel Landmarks' resolution plan back to CoC for reconsideration on five grounds.
Appellate tribunal finds no merit in remand grounds including ED attachment, Khan property litigation, and DTCP licenses.
CoC had approved Art Construction's resolution plan with 82.66% votes in September 2022 after extensive deliberations.
Tribunal directs NCLT to expedite plan approval within 60 days, ending seven-year CIRP delay affecting 4,500 homebuyers.