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IBC: The decision came as NCLAT set aside an order from the Mumbai bench of the National Company Law Tribunal (NCLT) that invoked Section 29A of the Insolvency and Bankruptcy Code to restrict such individuals from submitting a resolution plan.
The National Company Law Appellate Tribunal (NCLAT) has ruled that former promoters and directors of a company undergoing insolvency are not automatically barred from submitting resolution plans. The decision came as NCLAT set aside an order from the Mumbai bench of the National Company Law Tribunal (NCLT) that invoked Section 29A of the Insolvency and Bankruptcy Code to restrict such individuals from submitting a resolution plan.
Former promoters and directors can submit bids if not ineligible under Section 29A of IBC: NCLAT devdiscourse.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from devdiscourse.com Daily Mail and Mail on Sunday newspapers.