Person ineligible to submit resolution plan under Section 29A of IBC barred from proposing a scheme under Section 230 of Companies Act: SC
DY Chandrachud, MR Shah

Person ineligible to submit resolution plan under Section 29A of IBC barred from proposing a scheme under Section 230 of Companies Act: SC

"The purpose of the ineligibility under Section 29A is sustainable revival and to ensure that a person who is the cause of the problem cannot be a part of the process of the solution," the Court said.

The Supreme Court on Monday held that a person who is ineligible under Section 29A of the Insolvency and Bankruptcy Code (IBC) to submit a resolution plan is barred from proposing a scheme of compromise and arrangement under Section 230 of the Companies Act, 2013.

Want to read the full story?

We’re glad you’re enjoying this story. Subscribe to any of our plans to continue reading the story.

Already have an account? Sign In

Related Stories

No stories found.
Bar and Bench - Indian Legal news
www.barandbench.com