No permissibility to blacklist a company for old misdeeds after approval of Resolution Plan

SREI Infrastructure Finance Limited Vs State of Tripura (Tripura High Court) Conclusion: State could not blacklist a company after approval of a resolution plan under the Insolvency and Bankruptcy Code, and that the new management could not be punished for the actions of the old management. Held: Assessee-company challenged the blacklisting order passed by the State of Tripura which banned the company from participating in government contracts for three years. The blacklisting was based on misconduct and defaults committed when the company was under its earlier management, before the approval ...