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TMI Blog2019 (11) TMI 684X X X X Extracts X X X X X X X X Extracts X X X X ..... irector of the Corporate Debtor and thereby the Resolution Applicants are jointly ineligible under Section 29A of the I B Code - HELD THAT:- In the present case, the resignation was submitted by Mr. B. Srinamulu on 19th March, 2018, i.e. much before initiation of the Corporate Insolvency Resolution Process . Thereby, Mr. B. Srinamulu having ceased to be a Director or Shareholder of the Cor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... initiated against M/s. Danalakshmi Paper Mills Private Limited - ( Corporate Debtor ), the Resolution Professional filed application under Section 30(6) of the Insolvency and Bankruptcy Code, 2016 ( I B Code for short) for approval of the Resolution Plan submitted by M/s. Srinivasa Garments Private Limited jointly with Mr. P. Ramesh and Mrs. Suganthi Ramesh. The Adjudicatin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ey were the Directors and controlling the affairs of the Corporate Debtor . 4. The Successful Resolution Applicant(s) jointly have denied the allegation. It was submitted that either of the Resolution Applicants have no connection with Mr. B. Srinamulu. 5. It is not in dispute that Mr. B. Srinamulu transferred his shareholding of the Corporate Debtor on 17th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 8. In Arcelormittal India Private Limited v. Satish Kumar Gupta and Ors.─ (2018) SCC OnLine SC 1733 , the Hon ble Supreme Court while dealing with the ineligibility under Section 29A held that the ineligibility is to be tested when the Resolution Plan is to be submitted by the Resolution Applicant . 9. In the present case, the resignation was submitted by Mr. B. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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