IBC 29a » peacequranonline.com

2018-01-20 · section 29A and may require the resolution professional to invite a fresh resolution plan where no other resolution plan is available with it: Provided further that where the resolution applicant referred to in the first proviso is ineligible under clause c of section 29A. For a clear understanding of Section 29A, the Section 29A can be broken into two parts viz. i person or any other person acting jointly or in concert with such person who are disqualified under Section 29A a to i and ii having a ‘connected persons’ not eligible under Section 29A a to i which in turn makes a person ineligible. Section 29A of the IBC was introduced to disqualify persons from being resolution applicants. If persons who by their conduct had contributed to the financial distress of the corporate debtor or are otherwise deemed not to be fit and proper to gain control over distressed assets, the Code rightly disqualifies them.

Background In its ruling in ArcelorMittal India Private Limited v. Satish Kumar Gupta, the Supreme Court has laid down the much-needed jurisprudence involving section 29A of the Insolvency and Bankruptcy Code, 2016. Section 29A was inserted in the Code with effect from 23 November 2017 and has been the subject matter of at least two []. 2018-02-18 · Ineligibility Criteria U/S 29A Of IBC: A Net Too Wide ! Richa Saraf & Sikha Bansal. 18 Feb 2018 8:18 AM GMT. Your free access to Live Law has expired. To read the article, get a premium account. Your Subscription. IBC 2017 had been highly criticized and required necessary changes and clarifications specifically pertaining to section 29A. In view of this, Insolvency and Bankruptcy Code Amendment Ordinance, 2018 was introduced which was replaced by the Insolvency and Bankruptcy Code Second Amendment Bill, 2018 ‘IBC 2018’. 2019-12-29 · Introduction. The Hon’ble Supreme Court of India on October 4, 2018 passed its judgement regarding eligibility of resolution applicants under Section 29A of the Insolvency and Bankruptcy Code, 2016 “IBC 2016” in the case of Arcelormittal India Pvt. Ltd. vs. Satish Kumar Gupta [1].

Ineligibility criteria u/s 29A of IBC: A net too wide! February 15, 2018 / 0 Comments / in disqualified promoters, Insolvency and Bankruptcy Code, insolvency resolution process, NCLT, resolution plan, Uncategorized / by Staff Publication. 2018-05-17 · While Arcelor Mittal depositing the dues can be considered the first victory of IBC Section 29A, what happens to Numetal remains to be seen. When Numetal’s first bid was rejected, the Resolution Professional RP had said that Numetal was incorporated only for. The Insolvency and Bankruptcy Code, 2016 PART II Insolvency Resolution and Liquidation for Corporate Persons CHAPTER II Corporate Insolvency Resolution ProcessCIRP 1[Section 29A: Persons not eligible to be resolution applicant: 29A. A person shall not be eligible to submit a resolution Read More Section 29A: Persons not eligible.

Supreme Court Judgments / order/ decision on Insolvency and Bankruptcy Code, 2016 IBC. List of All landmark jusgment / order/ decision of Supreme Court SC on.

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