2019 (7) TMI 1994 - SCH - Insolvency and Bankruptcy

Maintainability of petition - initiation of CIRP - Corporate Debtor - Approval of Resolution plan without complying the mandatory provisions of the I B Code - it was held by NCLAT that Admittedly, the Corporate Debtor is a MSME and the promoters are not ineligible in terms of Section 29A of the I B Code . Therefore, it is not necessary for the Committee of Creditors to find out whether the Resolution Applicant is ineligible in terms of Section 29A or not. HELD THAT - No case is made out so as to interfere with the impugned order passed by the Tribunal. The appeal is, accordingly, dismissed.

Summary

The Supreme Court of India in 2019 (7) TMI 1994 - SC Order, with Hon'ble Mr. Justice Arun Mishra and Hon'ble Mr. Justice M.R. Shah, dismissed the appeal as no case was made out to interfere with the impugned order passed by the Tribunal. Pending application(s) were disposed of. Appellant represented by Mr. Saurabh Kirpal and others, while Respondent represented by Mr. Rana Mukjerjee and others.