This case involves an appeal against an order dated January 20, 2022, passed by the National Company Law Tribunal (NCLT), Mumbai Bench, regarding the rejection of a resolution plan submitted by the appellant. The corporate debtor, LB Industries Pvt. Ltd., is a registered MSME. A Section 9 petition under the Insolvency and Bankruptcy Code, 2016, was filed by Wood Preservers Private Limited-Operational Creditor against the Corporate Debtor. Union Bank of India issued a show cause notice to the appellant and other directors, asking why they should not be declared defaulters. The appellant submitted a resolution plan, but the Union Bank of India declared the account as fraud, leading to the rejection of the plan. The Resolution Professional filed an application seeking

This case involves an appeal against an order dated January 20, 2022, passed by the National Company Law Tribunal (NCLT), Mumbai Bench, regarding the rejection of a resolution plan submitted by the appellant. The corporate debtor, LB Industries Pvt. Ltd., is a registered MSME. A Section 9 petition under the Insolvency and Bankruptcy Code, 2016, was filed by Wood Preservers Private Limited-Operational Creditor against the Corporate Debtor. Union Bank of India issued a show cause notice to the appellant and other directors, asking why they should not be declared defaulters. The appellant submitted a resolution plan, but the Union Bank of India declared the account as fraud, leading to the rejection of the plan. The Resolution Professional filed an application seeking