https://www.taxtmi.com/caselaws?id=392686 The Tribunal determined that a Scheme for Compromise and Arrangement is permissible during liquidation proceedings under the Insolvency and Bankruptcy Code, 2016. However, it concluded that a Promoter ineligible under Section 29A of the I&B Code cannot initiate such a scheme. The Tribunal set aside the National Company Law Tribunal's order that allowed the ineligible Promoter's application and remitted the case to the Liquidator/Adjudicating Authority to proceed according to the guidelines established in "Y. Shivram Prasad." The appeal was allowed, and the impugned order was overturned. en-us Thu, 24 Oct 2019 00:00:00 +0530 Wed, 26 Feb 2020 11:18:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=392686 The Tribunal determined that a Scheme for Compromise and Arrangement is permissible during liquidation proceedings under the Insolvency and Bankruptcy Code, 2016. However, it concluded that a Promoter ineligible under Section 29A of the I&B Code cannot initiate such a scheme. The Tribunal set aside the National Company Law Tribunal's order that allowed the ineligible Promoter's application and remitted the case to the Liquidator/Adjudicating Authority to proceed according to the guidelines established in "Y. Shivram Prasad." The appeal was allowed, and the impugned order was overturned. Case-Laws Law of Competition Thu, 24 Oct 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=392686