Tax Management India. Com
Law and Practice  :  Digital eBook
Research is most exciting & rewarding


  TMI - Tax Management India. Com
Follow us:
  Facebook   Twitter   Linkedin   Telegram
IBC - Highlights / Catch Notes

Home Highlights January 2022 Year 2022 This

Eligibility of persons to be resolution applicant - The word ...

Insolvency and Bankruptcy

January 21, 2022

Eligibility of persons to be resolution applicant - The word “such creditor” in Section 29A(h) has to be interpreted to mean similarly placed creditors after the application for insolvency application is admitted by the adjudicating authority. As a result, what is required to earn a disqualification under the said provision is a mere existence of a personal guarantee that stands invoked by a single creditor, notwithstanding the application being filed by any other creditor seeking initiation of insolvency resolution process. This is subject to further compliance of invocation of the said personal guarantee by any other creditor - Ineligibility has to be seen from the point of view of the resolution process. It can never be said that there can be ineligibility qua one creditor as against others. Rather, the ineligibility is to the participation in the resolution process of the corporate debtor. Exclusion is meant to facilitate a fair and transparent process. - SC

View Source

 


 

You may also like:

  1. Seeking direction to proposed Resolution Applicant to approach the Committee of Creditors (CoC) for deciding his eligibility under section 29A to submit a resolution...

  2. Eligibility of ex-promoter/Corporate Debtor u/s 29A read with Section 240A of the IBC to submit a resolution plan claiming the benefits of MSME - rejection of Resolution...

  3. Initiation of Corporate Insolvency Resolution Process - financial creditor - home buyers - failure to pay assured return /monthly rent - The applicants fall within the...

  4. Corporate insolvency process - Committee of Creditor (CoC) - The RP as well as CoC at present is equally responsible for safeguarding the interest and assets of a...

  5. Eligibility to submit resolution plan - the Successful Resolution Applicant working through Mrs. Rashmi Saxena, one of its directors, was not ineligible to submit a...

  6. Status of corporate debtor claiming as MSME - CIRP proceedings - Persons not eligible to be Resolution Applicant u/s 29A - No doubt an option is given to micro or small...

  7. 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....

  8. Disqualification of the Successful Resolution Applicant u/s 29A of the Insolvency and Bankruptcy Code, 2016 - It is found that the Resolution Applicant was eligible on...

  9. Withdrawal of Resolution Plan - resolution plan was approved by Committee of Creditors - the existing insolvency framework in India provides no scope for effecting...

  10. Rejection of Resolution Plan -Rejection of Resolution Plan -Rejection of Resolution Plan -Rejection of Resolution Plan -Rejection of Resolution Plan -Rejection of...

 

Quick Updates:Latest Updates