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2022 (2) TMI 1175 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL , PRINCIPAL BENCH , NEW DELHIEligibility to prefer an Application under Section 230-232 of the Companies Act, 2013 - eligibility of a person to be Resolution Applicant - HELD THAT:- Section 29A (c) of the I & B Code, 2016 relates to ‘persons not eligible to be Resolution Applicant’ and in fact, the Code has bifurcated such persons into two groups as seen sub clauses (c) & (g) of Section 29A of the I & B Code, 2016. Moreover, if an individual was a promoter/in the management, or control of a ‘Corporate Debtor’, in which a preferential transaction, undervalue transaction and extortionate credit transaction or a fraudulent transaction had taken place and in respect of which an Order was passed by the ‘Adjudicating Authority’ in terms of the I & B Code, 2016, such person was ineligible to submit a Resolution Plant under 29A (g) of the Code. In effect, only such individuals who do not come under sub-clause (g) of Section 29A of the I & B Code, 2016, are eligible to furnish Resolution Plan under (c) of Section 29A, if they happen to be individuals, who are in the erstwhile management or control of the ‘Corporate Debtor’, as per decision of the Hon’ble Supreme Court in Arcelormittal India Private Limited V. Satish Kumar Gupta, [2018 (10) TMI 312 - SUPREME COURT]. Applicant/Petitioner had sought a direction to be issued to the ‘Liquidator to convene the Meeting of the Creditors (inclusive of all the Creditors i.e., “Respondent No. 2) and place before them the ‘Scheme of Compromise/Settlement’ for their consideration’, this ‘Tribunal’ taking note of the fact that if the Promoter is ineligible under Section 29A of I & B Code, 2016 cannot make an Application for ‘Compromise and Arrangement’ for taking the immovable property and actionable claim of the ‘Corporate Debtor’ coupled with Regulation 2B(1) of the Insolvency of Bankruptcy Board of India (Liquidation Process) Regulations 2016 comes to a resultant conclusion that the Applicant in I.A. No. 387/2021 in IB 197(ND) 2018 before the ‘Adjudicating Authority’ is ineligible to prefer an Application under Section 230-232 of the Companies Act, 2013 and viewed in that perspective, the impugned order of dismissal passed by the Adjudicating Authority does not suffer from any material irregularity or patent illegality in the eye of law. Appeal dismissed.
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