NCLT and NCLAT issue rulings on insolvency resolution plans in India

The National Company Law Tribunal (NCLT) Delhi Bench has approved a ₹40.50 lakh resolution plan for Orkus Private Limited. Submitted by Satendra Kumar Gupta, the plan received 100% approval from the Committee of Creditors. The resolution process, which began in December 2023, includes ₹18 lakh for insolvency resolution process costs and ₹22.50 lakh for creditor payments, distributed between the secured financial creditor and operational creditors.

Separately, the National Company Law Appellate Tribunal (NCLAT) has upheld the rejection of a ₹7 crore resolution plan for Worlds Window Exim Private Limited. The tribunal ruled that the plan failed to address the cause of the corporate debtor's default, violating mandatory requirements under the Insolvency and Bankruptcy Code (IBC). The NCLAT dismissed appeals from the successful resolution applicant, Dickey Special Situation Investment Trust-DSSF Series 2, and the financial creditor, Prudent ARC Limited.