NCLAT Reverses NCLT Order Permitting Resolution Plan Withdrawal

NCLAT overturned NCLT Mumbai's order allowing withdrawal of S.M. Kamal Pasha's approved Rs 172.5 crore resolution plan for TD Toll Road.
The appellate tribunal ruled CoC violated CIRP Regulation 18(2) by attempting to withdraw the plan after 4 years of Supreme Court stay.
TD Toll Road accumulated Rs 165 crore cash surplus during CIRP, prompting CoC to seek fresh process for value maximization.
NCLAT reinstated the original resolution plan approval application (IA/1505/2021) for fresh consideration by NCLT.