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NCLT declares Wadhwa Buildcon promoter's resolution plan 'invalid'

Economic Times  

The National Company Law Tribunal (NCLT) has declared the resolution plan submitted by the promoter of Wadhwa Buildcon as invalid, citing the conduct of the resolution professional (RP) as a key factor given that the promoter was already declared as a wilful defaulter.The RP's actions, including the delay in presenting the resolution plan and the addition of homebuyers to the committee, were seen as detrimental to the interests of the lender. Further, it was discovered that promoter of the company, Ankit Wadhwa, was declared a wilful defaulter prior to the submission of their revised resolution plan. Despite this, the resolution professional failed to disclose this crucial information to the committee of creditors (CoC).