9911796707
TMI Blog2021 (6) TMI 1076X X X X Extracts X X X X X X X X Extracts X X X X ..... nt Act, 2006. In the present case, the Applicant suffers disqualification under Section 29A(e) and unfortunately, such a protection is not being granted to the Applicant/Corporate Debtor, under Section 240A of IBC, 2016 who claims themselves to be an MSME. In any case, the Applicant suffers disqualification under Section 29A(e) of IBC, 2016. The Applicant, being the Promoter/suspended Director of the Corporate Debtor is trying to stall the process of CIRP on the guise of projecting themselves as MSME and thereby trying to gain a backdoor entry to the assets of the Corporate Debtor. This Adjudicating Authority is of the considered view that the Respondent was right in rejecting the Application of the Applicant for the Resolution Plan - ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ary order as the Hon ble Member may deem fit. 2. In so far as the prayer (a) is concerned, since the IA/500/CHE/2021 which was filed by the Applicant, came up for hearing before this Tribunal only on 17.06.2021 and the TA/33/CHE/2021 is posted for hearing on 02.07.2021, hence the prayer as sought for in relation to prayer (a) has become infructuous. 3. In so far as prayer (b) is concerned, it is seen that the CIRP in relation to the Corporate Debtor was initiated by this Tribunal on 12.02.2020 and thereafter, the RP has conducted the Committee of Creditors (CoC) meeting periodically. Thereafter, the CoC has fixed the minimum eligibility criteria in relation to the submission of the Resolution Plan by the prospective Resolution Applica ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ever till date the Applicant has not placed on record any document so as to purge himself from the said disqualification. 7. Based on the response given by the Applicant, the RP on 20.11.2020, after recording his reasons has rejected the proposal of the Applicant for the submission of the Resolution Plan. Hence, aggrieved by the said order, the Applicant has moved IA/33/CHE/2021 seeking relief as follows; (a) To set aside the impugned order dated 20.11.2020 passed by the Resolution professional rejecting the Application for Resolution Plan by the Applicant and direct the respondents to consider the same in the light of the clarifications and materials furnished by the applicant in support of the Application for Resolution Plan. (b) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ise under MSME Development Act, 2006. On reading the provisions under section 29A along with section 240A of I B Code. It can be concluded that the exemption is only in respect of clause (c) and (h) of Section 29A of the I B Code. However, in this case the Appellant is declared ineligible under clause (b) of Section 29A where no exemption has been given to MSME. Also, the date of registration of the Corporate Debtor as MSME as on record was 5th June, 2019, i.e. after CIRP admission order dated 29th March, 2019. The application for registration of MSME by the Appellant was without authorization, being subsequent to initiation of CIRP and hence was_ invalid. Therefore, the Appellant is ineligible to take the benefits of section 240A under I B ..... X X X X Extracts X X X X X X X X Extracts X X X X
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