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

Supreme Court dismisses appeal in 2019, upholds Tribunal's order. Parties represented by respective counsel.

The Supreme Court of India dismissed the appeal in 2019, as no grounds were found to interfere with the Tribunal's order. Pending applications were ... 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. 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.