Case Law Details
Sharavan Kumar Vishnoi Vs. Upma Jaiswal & Anr (NCLAT Delhi)
Whether the Resolution Professional can decide the Eligibility under Section 29A Of the Insolvency And Bankruptcy Code, 2016 (hereinafter referred to as Code)
FACTS: The Appeal being Company Appeal (AT) (Ins.) No.371 of 2022 has been filed by the Resolution Professional challenging the order. It is submitted by the Learned Counsel for the Appellant that according to the opinion obtained by the Resolution Professional, the plan submitted by Ms. Upma Jaiswal was not eligible as per Section 29A of the Code. It is submitted that due to the said difficulty, the Resolution Professional is unable to place the plan before the CoC for approval.
Learned Senior Counsel for the Respondent i.e. Resolution Applicant- Ms. Upma Jaiswal refuting the submissions of the Learned Counsel for the Appellant contends that the question as to whether the plan submitted by Ms. Upma Jaiswal is to be rejected or approved is a question which need to be decided by the CoC. The Resolution Professional at best can give his opinion with regard to eligibility of the Resolution Applicant whether it conforms to Section 29A and other provisions of the Code or not. It is submitted that the Resolution Professional of its own cannot withhold any plan and refuse to submit the same before the CoC.
ISSUE: Whether Resolution Professional can decide the Eligibility of Resolution Plan under Section 29A Of the Insolvency And Bankruptcy Code, 2016 (hereinafter referred to as Code)
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