https://www.taxtmi.com/caselaws?id=385414 The Tribunal clarified that Section 29A does not apply to Section 12A applications, allowing promoters/shareholders to settle under Section 12A without being subject to ineligibility criteria. Enforcement authorities can seize assets if linked to crime, but promoters can pay creditors from personal assets not under seizure. Adverse remarks against the Resolution Professional were expunged, and fees will be paid by Andhra Bank on behalf of the CoC. The Resolution Professional will manage the company until Section 12A compliance. The liquidation order was set aside, permitting the withdrawal of the Section 7 application by Andhra Bank upon payment to stakeholders. en-us Wed, 28 Aug 2019 00:00:00 +0530 Thu, 19 Aug 2021 17:05:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=385414 The Tribunal clarified that Section 29A does not apply to Section 12A applications, allowing promoters/shareholders to settle under Section 12A without being subject to ineligibility criteria. Enforcement authorities can seize assets if linked to crime, but promoters can pay creditors from personal assets not under seizure. Adverse remarks against the Resolution Professional were expunged, and fees will be paid by Andhra Bank on behalf of the CoC. The Resolution Professional will manage the company until Section 12A compliance. The liquidation order was set aside, permitting the withdrawal of the Section 7 application by Andhra Bank upon payment to stakeholders. Case-Laws Insolvency and Bankruptcy Wed, 28 Aug 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=385414