Resolution Applicant Eligibility in Corporate Insolvency: former director/ promotor of the corporate debtor

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..... eligibility of a resolution applicant under Section 29A of the Insolvency and Bankruptcy Code (IBC) . Key Issues and Deliberations: Core Legal Issue : The central issue was whether Mr. Mahesh Mathai, the successful resolution applicant and a former director of Blue Frog Media Pvt. Ltd., was eligible to submit a resolution plan under Section 29A of the IBC . Submissions .....

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..... alify all promoters and directors; disqualification applies only if specified under its clauses. The Tribunal referenced the Supreme Court judgment in Hari Babu Thota vs. Shree Aashraya Infra-Con Ltd. , which clarified that there is no per se disqualification under Section 29A for promoters. The NCLAT found that none of the disqualifying conditions under Section 29A were applicable to .....

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..... ions for the corporate insolvency resolution process in India. It provides clarity on the eligibility criteria for resolution applicants, particularly ex-promoters and directors. This decision could influence future cases where the eligibility of resolution applicants is in question, guiding the NCLT and other stakeholders in their decision-making processes. Full Text : 2024 (1) TMI .....

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