Eligibility of ex-promoter/Corporate Debtor u/s 29A read with ...

Corporate debtor can submit resolution plan if MSME status is obtained post-CIRP start, says NCLAT.

March 2, 2024

Case Laws Insolvency and Bankruptcy AT

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 Plan. - The NCLAT held that obtaining MSME status post-CIRP commencement does not disqualify a corporate debtor from submitting a resolution plan under Section 29A of the IBC. - The NCLAT found that the Adjudicating Authority overstepped its jurisdiction by questioning the MSME status of the corporate debtor, as the authority to grant or revoke MSME registration lies solely with the competent authority under the MSME Act.

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Eligibility of ex-promoter/Corporate Debtor u/s 29A read with ...

Corporate debtor can submit resolution plan if MSME status is obtained post-CIRP start, says NCLAT.

March 2, 2024

Case Laws Insolvency and Bankruptcy AT

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