Past Promoter or Director Role No Bar for Submitting Resolution Plan: NCLAT

Vishram Narayan Panchpor Vs Committee of Creditors (NCLAT Delhi) Introduction: The National Company Law Tribunal (NCLT) Mumbai Bench-I faced an appeal challenging its order in the case of Vishram Narayan Panchpor vs Committee of Creditors. The appellant, Mr. Mahesh Mathai, an ex-director of ‘M/s. Blue Frog Media Private Limited,’ sought approval for a Resolution Plan rejected under Section 29A of the Insolvency and Bankruptcy Code (IBC). The central issue revolved around Mr. Mathai’s eligibility and the interpretation of Section 29A. Detailed Analysis: The case unfolded as th...