Promoter not eligible to file application for Compromise and Arrangement, while he is ineligible U/s. 29A of I&B Code to submit a ‘Resolution Plan’

Jindal Steel and Power Limited Vs Arun Kumar Jagatramka (National Company Law Appellate Tribunal Delhi)

Issues

(i) Whether in a liquidation proceeding under Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as the ‘I&B Code’) the Scheme for Compromise and Arrangement can be made in terms of Sections 230 to 232 of the Companies Act?

(ii) If so permissible, whether the Promoter is eligible to file application for Compromise and Arrangement, while he is ineligible under Section 29A of the I&B Code to submit a ‘Resolution Plan’?

Held by NCLAT

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