NCLT can recall approved resolution plan at any stage if vitiated by fraud: NCLAT

The NCLAT has ruled that the "NCLT can recall an approved resolution plan at any stage if it is vitiated by fraud." This decision is a crucial reminder to all that they must be diligent in their dealings. The move is a significant step towards a more transparent and less intrusive business environment, is aimed at promoting business growth while being sensitive to the practical difficulties faced by businesses. The ruling, a significant victory for the government, clarifies that a company can be held responsible for the misdeeds of another person.