Resolution plan rejected u/s. 29A(c) as applicant managed and controlled corporate debtor: NCLAT Delhi

Navayuga Engineering Company Limited Vs Umesh Garg (NCLAT Delhi) NCLAT Delhi held that section 29A(c) of the Insolvency and Bankruptcy Code, 2016 (IBC) disqualifies those applicants who were in management and control of the Corporate Debtor who failed to clear debts of the Corporate Debtor. Accordingly, resolution plan of such applicant duly rejected. Facts- In the CIRP of the Corporate Debtor, the Appellant submitted its Resolution Plan on 04.06.2018. Another Resolution Plan was submitted by Sikkim Power Investment Corporation Limited (SPICL). In the CoC Meeting, the CoC opined that the Appel...