NCLAT Upholds Ritzy Chemicals CIRP Rejection

NCLAT upholds NCLT order rejecting Sandeep Lucky's resolution plan for Ritzy Chemicals approved by 100% CoC vote.
Tribunal finds CIRP violated regulations by not disclosing Rs 83 crore avoidance transactions to bidders and CoC before plan approval.
Directs replacement of Resolution Professional and restart of CIRP within 120 days with IBBI investigation into RP conduct.
Notes resolution plan value of Rs 1.15 crore was only 10% of liquidation value, imposing 90% haircut on creditors.