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of <h1>Supreme Court Examines Section 29A of IBC 2016 on Resolution Applicant Eligibility, MSME Exemptions, and Overturns NCLT/NCLAT Decisions.</h1> In the Supreme Court case 2023 (12) TMI 1255, key issues under the Insolvency and Bankruptcy Code (IBC) 2016 were examined, focusing on the eligibility of resolution applicants under Section 29A and the impact of MSME status. The court analyzed the ineligibility criteria, particularly regarding non-performing assets, and the amendments aimed at preventing financially irresponsible promoters from reclaiming their companies. Section 240A exempts MSMEs from certain disqualifications, protecting them from liquidation. The Supreme Court overturned the NCLT and NCLAT decisions, restoring the case for reconsideration and emphasizing the need to balance strict IBC enforcement with MSME protection.
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