Promoter not disqualified u/s 29A of the Code are eligible to submit resolution plan

Hari Babu Thota Vs Others (Supreme Court of India) Supreme Court held that promoter of the company are not disqualified per say under section 29A of the Insolvency and Bankruptcy Code, 2016 (the Code) to dis-entitle him from presenting the resolution plan. Thus, promoters are eligible to submit resolution plan. Facts- Shree Aashraya Infra-Con Limited went into CIRP under the Insolvency and Bankruptcy Code, 2016 and the appellant before us was appointed as the Resolution Professional. The Resolution Professional presented a plan before the National Company Law Tribunal, Bengaluru as propounded ...