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2021 (6) TMI 1076 - Tri - Companies LawRejection of the Resolution Plan by the Resolution Professional - HELD THAT:- A perusal of the MSME Certificate attached with the typed set filed by the Respondent would go on to show that the said Certificate was only obtained on 19.12.2020. Thus, it can be seen that the Applicant is trying to play a fraud upon this Tribunal, in order to gain backdoor entry to the assets of the Corporate Debtor in the guise of projecting themselves as MSME. Further, section 240A of the IBC, 2016 exempts applicability of only section 29A(c) and 29A(h) in terms of eligibility to be a resolution applicant as a medium level enterprise under MSME Development Act, 2006. In the present case, the Applicant suffers disqualification under Section 29A(e) and unfortunately, such a protection is not being granted to the Applicant/Corporate Debtor, under Section 240A of IBC, 2016 who claims themselves to be an MSME. In any case, the Applicant suffers disqualification under Section 29A(e) of IBC, 2016. The Applicant, being the Promoter/suspended Director of the Corporate Debtor is trying to stall the process of CIRP on the guise of projecting themselves as MSME and thereby trying to gain a backdoor entry to the assets of the Corporate Debtor. This Adjudicating Authority is of the considered view that the Respondent was right in rejecting the Application of the Applicant for the Resolution Plan - Application dismissed.
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