NCLT Dismisses Ankit Metal Suspended Director's Challenge

NCLT Kolkata dismisses application by suspended director of Ankit Metal & Power Ltd challenging approval of Rashmi Metallurgical's resolution plan.
Tribunal upholds CoC's commercial wisdom in accepting downward revised plan of Rs 390.10 cr despite land asset discovery increasing from 93 to 142 acres.
Order affirms that judicial review cannot substitute CoC's commercial decisions even when plan value decreased from Rs 510.39 cr during challenge process.
Final outcome approves Rashmi Metallurgical's resolution plan with 89.79% creditor vote, preventing liquidation valued at approximately Rs 292 cr.