https://www.taxtmi.com/highlights?id=75340 Eligibility of ex-promoter/Corporate Debtor u/s 29A read with Section 240A of the IBC to submit a resolution plan claiming the benefits of MSME - rejection of Resolution Plan. - The NCLAT held that obtaining MSME status post-CIRP commencement does not disqualify a corporate debtor from submitting a resolution plan under Section 29A of the IBC. - The NCLAT found that the Adjudicating Authority overstepped its jurisdiction by questioning the MSME status of the corporate debtor, as the authority to grant or revoke MSME registration lies solely with the competent authority under the MSME Act. en-us Sat, 02 Mar 2024 07:23:08 +0530 Sat, 02 Mar 2024 07:23:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=75340 Eligibility of ex-promoter/Corporate Debtor u/s 29A read with Section 240A of the IBC to submit a resolution plan claiming the benefits of MSME - rejection of Resolution Plan. - The NCLAT held that obtaining MSME status post-CIRP commencement does not disqualify a corporate debtor from submitting a resolution plan under Section 29A of the IBC. - The NCLAT found that the Adjudicating Authority overstepped its jurisdiction by questioning the MSME status of the corporate debtor, as the authority to grant or revoke MSME registration lies solely with the competent authority under the MSME Act. Highlights Insolvency and Bankruptcy Sat, 02 Mar 2024 07:23:08 +0530 https://www.taxtmi.com/highlights?id=75340