2022 (1) TMI 1215

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....usive of all the creditors i.e., Respondent No. 2) and place before them the scheme of compromise/settlement for their consideration." 2. Heard the Ld. Counsel for the Applicant as well as the Liquidator and perused the averments made in the application and reply filed by the Respondents. 3. Ld. Counsel for the Applicant submits that the Liquidator may be directed to convene the meeting of the Creditors inclusive of all the creditors i.e., Respondent No. 2 to 4 and place the scheme of compromise and settlement for their consideration. 4. In reply, the Ld. Counsel for the Liquidator referred to paragraph 4 & 6 of the reply and submitted that the Applicant are the ex-Promoters/ex-Directors of the Corporate Debtor and they are held guilty f....

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....rs held guilty for the preferential transactions under Section 43 of the IBC, 2016. 6. In the course of hearing, Ld. Counsel for the Applicant also submitted that against this order, the Applicant has preferred an appeal before the Hon'ble NCLAT but the said order has not been stayed. Therefore, the order dated 30th July, 2021 is still in operation. 7. In terms of this order, now we consider the submission of the Applicant as well as the decision of the Hon'ble NCLAT in Company Appeal (AT) No. 221 of 2018 and the Hon'ble Supreme Court in Civil Appeal No. 9664/2019 dated 15.03.2021 relied upon by the Applicant. The relevant paragraphs of Company Appeal (AT) No. 221 of 2018 are as follows: "12. From the aforesaid provision, it....

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....no merit in this contention. As explained above, the stages of submitting a resolution plan, selling assets of a company in liquidation and selling the company as a going concern during liquidation, all indicate that the promoter or those in the management of the company must not be allowed a back-door entry in the company and are hence, ineligible to participate during these stages. Proposing a scheme of compromise or arrangement under Section 230 of the Act of 2013, while the company in undergoing liquidation under the provisions of the IBC lies in a similar column. Thus, the prohibitions that apply in the former situations must naturally also attach to the latter to ensure that like situations are treated equally. 91. Based on the abov....