https://www.taxtmi.com/caselaws?id=421700 The Tribunal upheld the eligibility of the Successful Resolution Applicant to submit the resolution plan for the Corporate Debtor, ruling that the connection of the director with a previously declared NPA did not render the Applicant ineligible under Section 29-A of the IBC. The Tribunal emphasized that the disqualification under Section 29-A attaches at the time of plan submission and that the one-year period must elapse from the NPA declaration to the CIRP commencement. As the resolution plan was approved by financial creditors and no grounds for interference existed, the appeal was dismissed without costs. en-us Wed, 27 Apr 2022 00:00:00 +0530 Fri, 29 Apr 2022 21:55:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=421700 The Tribunal upheld the eligibility of the Successful Resolution Applicant to submit the resolution plan for the Corporate Debtor, ruling that the connection of the director with a previously declared NPA did not render the Applicant ineligible under Section 29-A of the IBC. The Tribunal emphasized that the disqualification under Section 29-A attaches at the time of plan submission and that the one-year period must elapse from the NPA declaration to the CIRP commencement. As the resolution plan was approved by financial creditors and no grounds for interference existed, the appeal was dismissed without costs. Case-Laws Insolvency and Bankruptcy Wed, 27 Apr 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=421700