New Delhi, July 10 -- The National Company Law Appellate Tribunal (NCLAT) has overturned a decision passed by the National Company Law Tribunal (NCLT), which had rejected a resolution plan submitted by Univastu India Limited for Setubandhan Infrastructure Ltd. The NCLAT has now directed that the plan be reconsidered.

This decision came on the appeals filed by both the Resolution Professional and Univastu India Limited, the Successful Resolution Applicant.

The appellate tribunal, led by Justice Ashok Bhushan along with technical members Barun Mitra and Arun Baroka, said that the NCLT went beyond its powers by questioning the commercial decision made by the Committee of Creditors (CoC), which had approved the plan with a strong majority o...