Home Case Index All Cases Insolvency and Bankruptcy Insolvency and Bankruptcy + AT Insolvency and Bankruptcy - 2018 (8) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2018 (8) TMI 1038 - AT - Insolvency and BankruptcyCorporate Insolvency Resolution Process - Eligible persons u/s 29A for resolution plan - Related partly or connected party. Held that:- ‘Vedanta Resources PLC’, who is a ‘connected person’ of ‘Vedanta Limited’ is not covered by clause (d) of Section 29A of the ‘I&B Code’ - ‘Vedanta Limited’ is eligible and clause (d) of Section 29A of the ‘I&B Code’ is not attracted in its case. Section 33(1) (a) of the ‘U.K Act’ is not similar nor corresponding to clause (d) of Section 29A of the ‘I&B Code’. - ‘Tata Steel UK’, which is the ‘connected person’ of ‘Tata Steel Limited’, does not attract the disability under Section 29A of the ‘I&B Code’ and for the said reason, we also hold that ‘Tata Steel Limited’ is eligible to file the ‘Resolution Plan’. ‘Resolution Plan’ submitted by ‘Tata Steel Limited’ is fair and equitable to all the Creditors, including the ‘Operational Creditors’, therefore, no interference is called for.
|