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2019 (12) TMI 1465 - AT - Insolvency and BankruptcySeeking permission to participate for submitting the proposal of scheme of compromise and arrangement - HELD THAT:- Similar issue fell for consideration before this Appellate Tribunal in Jindal Steel and Power Limited vs. Arun Kumar Jagatramka and Anr. [2020 (2) TMI 1130 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL, NEW DELHI]. In the said case, the question fell for consideration as to whether in the liquidation proceeding under Insolvency and Bankruptcy Code, 2016 in terms of Section 230-232 of the Companies Act, 2013 a promoter is eligible to file application for compromise and arrangement, while he is ineligible under Section 29A of the I&B Code. The Appellant in view of Section 29A of the I&B Code, cannot file any application for compromise and arrangement in terms of Section 230-232 of the Companies Act, 2013 to take over the Company - there is no delay in preferring the Appeal - Appeal dismissed.
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