https://www.taxtmi.com/caselaws?id=449763 NCLAT dismissed an appeal challenging disqualification under Section 29A(c) of IBC. The appellant argued it was not in management control when corporate debtor's account became NPA in 2013, but tribunal held that ineligibility is determined at resolution plan submission date, not NPA declaration date. Following Supreme Court's Arcelormittal judgment, persons in management control at reasonably proximate time before plan submission who failed to clear debts are also disqualified. NCLAT found appellant controlled corporate debtor through MoU from March 2016 and that subsequent 100% shareholding transfer to subsidiary was a sham transaction to avoid disqualification. en-us Fri, 16 Feb 2024 00:00:00 +0530 Mon, 19 Feb 2024 18:24:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=449763 NCLAT dismissed an appeal challenging disqualification under Section 29A(c) of IBC. The appellant argued it was not in management control when corporate debtor's account became NPA in 2013, but tribunal held that ineligibility is determined at resolution plan submission date, not NPA declaration date. Following Supreme Court's Arcelormittal judgment, persons in management control at reasonably proximate time before plan submission who failed to clear debts are also disqualified. NCLAT found appellant controlled corporate debtor through MoU from March 2016 and that subsequent 100% shareholding transfer to subsidiary was a sham transaction to avoid disqualification. Case-Laws Insolvency and Bankruptcy Fri, 16 Feb 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=449763