NCLT Dismisses International Mega Food Park Resolution Plan Withdrawal

NCLT Chandigarh dismisses Resolution Professional's application to withdraw a CoC-approved ₹75 crore resolution plan for International Mega Food Park Ltd.
The RP sought withdrawal citing SRA's PMLA arrest, asset attachment, and a material ₹33 crore cash accumulation in the Corporate Debtor.
The tribunal ruled a CoC-approved plan is binding and irrevocable, citing NCLAT's Mehar Bhoomi Bhawan precedent.
The SRA had deposited ₹7.5 crore performance security but failed to furnish the full ₹15 crore and align its offer with new valuations.