Disqualification of the Successful Resolution Applicant u/s 29A ...
Insolvency and Bankruptcy
July 6, 2022
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 30.11.2019 when it submitted the first Resolution Plan, there are no necessity to enter into other submission raised by learned Counsel for the parties including the submission regarding applicability of the proviso to Section 29A(c). The Resolution Applicant being eligible, was entitled to submit Resolution Plan and was also entitled to revise its Plan from time to time as per the Scheme of the Code. The Plan having approved by 100% vote of CoC, there are no error in the decision of the Adjudicating Authority rejecting the application filed by the Appellant. - AT
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