NCLAT dismissed appeals challenging NCLT's rejection of Dickey Trust's resolution plan for Worlds Window Exim due to regulatory non-compliance.
The tribunal upheld NCLT's finding that the plan failed to address cause of default as required under Regulation 38(3)(a) of CIRP Regulations.
NCLAT affirmed the liquidation order but set aside NCLT's direction limiting Prudent ARC's entitlement as assignee of bank debts.
The court directed investigation into corporate debtor's affairs under Sections 43, 45, 50 and 66 of IBC through the liquidator.