Insolvency appellate tribunal NCLAT has set aside NCLT orders, which had declared promoters of JC World Hospitality ineligible to submit their resolution plan under Section 29A of the IBC.

NCLAT said the NCLT ”in a callous manner without looking into materials on record” have come to the conclusion that the promoters are disqualified, which is perverse and unsustainable.

A two-member bench of the National Company Law Appellate Tribunal (NCLAT) has revived the application filed by RP of JC World Hospitality before the Delhi bench of NCLT seeking approval for bids submitted by promoters and take a decision within three months.

The application ”filed by the RP for approval of the Resolution Plan of the SRA (promoters) is revived before the adjudicating authority (NCLT) for passing an appro

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