The NCLT has reportedly rejected the resolution plan of Anirudh Agro Farms for Viceroy Hotels following the expiry of bank guarantees and directed the continuation of the corporate insolvency resolution process (CIRP) and asked the resolution professional to call for fresh bids. According to MoneyControl.com, the tribunal found the plan to be in breach of statutory provisions and did not accept AAFL’s undertaking to make payments to creditors in five tranches. LiveMint could not independently verify the report.
On 9 June, the NCLT Hyderabad bench comprising judicial member Venkata Ramakrishna Badarinath Nandula and technical member Charan Singh rejected the application filed by Govindarajula Venkata Narasimha Rao seeking to approve…
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