2019 (11) TMI 684

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....stice A.I.S. Cheema, Member (Judicial) And Justice Kanthi Narahari, Member (Technical) For The Appellant : Mr. Arijit Prasad, Senior Advocate with Mr. Ayush Negi, Abhishek Chaudhary and Mr. Himanshu Tyagi, Advocates For The Respondents : Mr. Mohan Parasaran, Senior Advocate with Mr. Ravi Raghunath, Ms. Aakashi Lodha, Ms. Aditi Dani, Advocates. JUDGMENT SUDHANSU JYOTI MUKHOPADHAYA, J. In the....

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....ution Applicants' are jointly ineligible under Section 29A of the 'I&B Code'. 3. Learned counsel for the Appellant submits that the Adjudicating Authority by order dated 19th July, 2018 has noticed the manner in which Mr. B. Srinamulu and his son had resigned and transferred their shares from the company, and at the time of the initiation of the Insolvency Commencement Date i.e. 29th May, 2018 t....

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....ode' reads as follows: "29 A. Persons not eligible to be resolution applicant. ─ A person shall not be eligible to submit a resolution plan, if such person, or any other person acting jointly or in concert with such person,─ ..............(j) has a connected person not eligible under clauses (a) to (i)." 8. In "Arcelormittal India Private Limited v. Satish Kumar Gupta and Ors.&#94....