NCLAT dismissed promoter Shobhit Rajan's appeal against rejection of his Expression of Interest for Ecstasy Realty's resolution process.
The rejection was upheld due to appellant's failure to submit mandatory Rs. 400 crore net worth certificate required for all resolution applicants.
Tribunal ruled MSME status under Section 240A does not exempt promoters from financial eligibility criteria set by Committee of Creditors.
The CoC's Rs. 400 crore net worth requirement was deemed reasonable given corporate debtor's Rs. 5,000 crore asset valuation.