NCLT Mumbai Bench-II dismissed IA No. 46/MB/2025 seeking approval of Mr. Armaan Sunil Kothari's resolution plan for 4B Networks Private Limited.
The plan, approved by 83.46% CoC voting share, offered Rs 14.71 crore against admitted claims of Rs 323.64 crore, imposing a 95% haircut on creditors.
Tribunal found material irregularities in CIRP conduct, specifically regarding SRA's exclusive rights to PUFE transaction proceeds contravening Section 36(3)(f) of IBC.
RP granted liberty to re-run CIRP with 4-month extension, while CoC may take contrary call based on commercial wisdom.