https://www.taxtmi.com/caselaws?id=298162 Ex-directors and promoters ineligible under Section 29A of the Insolvency and Bankruptcy Code, 2016 cannot use Section 230 of the Companies Act, 2013 during liquidation to regain control of the corporate debtor through a compromise or arrangement. The tribunal applied the bar on ineligible resolution applicants and noted that Section 35(f) also prevents sale of assets to a person not eligible to be a resolution applicant. The claimed MSME status was rejected because the certificate was obtained after commencement of CIRP and the circumstances indicated an attempt to obtain a backdoor entry to the debtor's assets. The proposed compromise and arrangement was therefore rejected, and the liquidator was not required to proceed with creditor meeting steps. en-us Fri, 31 Jan 2020 00:00:00 +0530 Sat, 16 Oct 2021 09:02:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=298162 Ex-directors and promoters ineligible under Section 29A of the Insolvency and Bankruptcy Code, 2016 cannot use Section 230 of the Companies Act, 2013 during liquidation to regain control of the corporate debtor through a compromise or arrangement. The tribunal applied the bar on ineligible resolution applicants and noted that Section 35(f) also prevents sale of assets to a person not eligible to be a resolution applicant. The claimed MSME status was rejected because the certificate was obtained after commencement of CIRP and the circumstances indicated an attempt to obtain a backdoor entry to the debtor's assets. The proposed compromise and arrangement was therefore rejected, and the liquidator was not required to proceed with creditor meeting steps. Case-Laws Insolvency and Bankruptcy Fri, 31 Jan 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=298162