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2019 (11) TMI 684 - AT - Insolvency and BankruptcyApproval of Resolution plan - Section 30(6) of the Insolvency and Bankruptcy Code, 2016 - Appellant has challenged the order of approval on the ground that one of the ‘Resolution Applicant’ is related party to one Mr. B. Sriramulu, Director of the ‘Corporate Debtor’ and thereby the ‘Resolution Applicants’ are jointly ineligible under Section 29A of the ‘I&B Code’ - HELD THAT:- In the present case, the resignation was submitted by Mr. B. Srinamulu on 19th March, 2018, i.e. much before initiation of the ‘Corporate Insolvency Resolution Process’. Thereby, Mr. B. Srinamulu having ceased to be a Director or Shareholder of the ‘Corporate Debtor’, the ‘Resolution Applicants’ cannot be held ineligible as on the date of submission of ‘Resolution Plan’. Appeal dismissed.
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