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

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..... n 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 and Arguments: * The appellant (Resolution .....

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..... ified 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 Mr. Mathai, particularly Section 29A(c), as there was no evidence .....

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..... n 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 530 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL , PRINCIPAL BENCH , NEW DELHI - LB
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