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Committee of Creditors cannot approve resolution plan proposed by an applicant barred u/s 29A: SC
Case Law Details
- Case Name
- Bank of Baroda &
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- Civil Appeal No. 8411 of 2019
- Courts
- Supreme Court of India
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Bank of Baroda & Anr. Vs MBL Infrastructures Limited & Ors. (Supreme Court of India)
Facts- Corporate insolvency resolution process was initiated against respondent No. 1. Two resolution plans were received by the resolution professional (respondent no. 2). Committee of creditors decided seeking an appropriate resolution plan at the hands of respondent no. 3.
Section 29A was introduced vide Insolvency and Bankruptcy Code (Amendment) Ordinance, 2017. The present suit is concerned about section 29A(c) and (h).
Conclusion- Section 29A has a laudable object of protecti...
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