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The NCLAT set aside the impugned order rejecting the application for approval of the Resolution Plan, holding that the appellant was not disqualified as a Successful Resolution Applicant under Section 29A of the IBC. The Tribunal found no credible evidence that the appellant's companies were non-compliant under Section 29A(e) or that the appellant was a disqualified director. The alleged disqualification under Section 29A(c) was also unsubstantiated. The respondent was found to have misled the Adjudicating Authority and lacked credibility due to ongoing judicial custody for financial fraud allegations. The NCLAT noted the Resolution Plan had been approved by the CoC with 100% voting share. Consequently, the appeal was allowed, and the matter was remanded to the NCLT to proceed with the consideration of the Resolution Plan on merits.
The NCLAT set aside the impugned order rejecting the application for approval of the Resolution Plan, holding that the appellant was not disqualified as a Successful Resolution Applicant under Section 29A of the IBC. The Tribunal found no credible evidence that the appellant's companies were non-compliant under Section 29A(e) or that the appellant was a disqualified director. The alleged disqualification under Section 29A(c) was also unsubstantiated. The respondent was found to have misled the Adjudicating Authority and lacked credibility due to ongoing judicial custody for financial fraud allegations. The NCLAT noted the Resolution Plan had been approved by the CoC with 100% voting share. Consequently, the appeal was allowed, and the matter was remanded to the NCLT to proceed with the consideration of the Resolution Plan on merits.
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