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.
DY Chandrachud, MR Shah
DY Chandrachud, MR Shah

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.

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