NCLAT Principal Bench dismisses multiple appeals challenging NCLT's approval of a ₹135.68 crore resolution plan for Mastana Foods Pvt Ltd.
Appellants alleged procedural irregularities in the e-bidding process and discriminatory treatment favoring the HR Commercials-Crown Steels consortium.
Tribunal affirms CoC's commercial wisdom, finding the process fair and the plan compliant with IBC provisions and the Rainbow Papers judgment.
The approved resolution plan provides for payment to secured operational creditors (HVAT-Excise) on par with financial creditors as mandated.