Petitioner Seeks Creditors' Meeting for Compromise; Tribunal Cites Section 29A Ineligibility for Promoter's Acquisition Plans.

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....Applicant/Petitioner had sought a direction to be issued to the ‘Liquidator to convene the Meeting of the Creditors (inclusive of all the Creditors i.e., “Respondent No. 2) and place before them the ‘Scheme of Compromise/Settlement’ for their consideration’, this ‘Tribunal’ taking note of the fact that if the Promoter is ineligible under Section 29A of I & B Code, 2016 cannot make an Application for ‘Compromise and Arrangement’ for taking the immovable property and actionable claim of the ‘Corporate Debtor’ - AT....