https://www.taxtmi.com/caselaws?id=417152 The Applicants, former Board of Directors of the Corporate Debtor, challenged the Resolution Professional's disqualification under Section 29A of the IBC, 2016, due to a Personal Guarantee invocation. They argued that Section 29A(h) does not apply to MSMEs. The Applicants claimed MSME status for the Corporate Debtor and highlighted obtaining an MSME Certificate post-CIRP initiation. The Resolution Professional was directed to consider their MSME eligibility at the time of the Resolution Plan submission. Concerns were raised over unauthorized MSME Certificate acquisition by an Employee, leading to directions for rectification and action against the Employee without disrupting the Resolution Process. en-us Fri, 17 Dec 2021 00:00:00 +0530 Mon, 17 Jan 2022 08:55:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=417152 The Applicants, former Board of Directors of the Corporate Debtor, challenged the Resolution Professional's disqualification under Section 29A of the IBC, 2016, due to a Personal Guarantee invocation. They argued that Section 29A(h) does not apply to MSMEs. The Applicants claimed MSME status for the Corporate Debtor and highlighted obtaining an MSME Certificate post-CIRP initiation. The Resolution Professional was directed to consider their MSME eligibility at the time of the Resolution Plan submission. Concerns were raised over unauthorized MSME Certificate acquisition by an Employee, leading to directions for rectification and action against the Employee without disrupting the Resolution Process. Case-Laws Insolvency and Bankruptcy Fri, 17 Dec 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=417152