https://www.taxtmi.com/caselaws?id=761568 NCLAT Principal Bench dismissed appeals challenging rejection of Section 7 application signed by director of financial creditor. Appellant argued director was disqualified under Section 164 due to non-filing of financial statements by another company where he served as director. NCLAT held that striking off of one company (Airwill Infracon) did not disqualify the director from continuing in other companies. Section 164(2) disqualification was not proven, and proviso to Section 167(1) was inapplicable. Director remained competent to file Section 7 application on behalf of financial creditor. Appeals dismissed with no merit found. en-us Mon, 11 Nov 2024 00:00:00 +0530 Wed, 13 Nov 2024 08:53:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=761568 NCLAT Principal Bench dismissed appeals challenging rejection of Section 7 application signed by director of financial creditor. Appellant argued director was disqualified under Section 164 due to non-filing of financial statements by another company where he served as director. NCLAT held that striking off of one company (Airwill Infracon) did not disqualify the director from continuing in other companies. Section 164(2) disqualification was not proven, and proviso to Section 167(1) was inapplicable. Director remained competent to file Section 7 application on behalf of financial creditor. Appeals dismissed with no merit found. Case-Laws IBC Mon, 11 Nov 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=761568