Rejection of Resolution Plant for Non-Compliance with Section 29A(G) & Section 240A

Guruprasad V Hishobkar Vs Aashraya Souhard Credit Society Limited (NCLAT) NCLAT held that that the Adjudicating Authority rightly rejected the Resolution plan as the same didn’t complied with the provisions of Section 29A(G) read with Section 240A of the Insolvency and Bankruptcy Code, 2016. Facts- This appeal is filed by the Appellant who is the Promoter / Shareholder of Corporate Debtor. The First Respondent is a Co-operative Society registered under the ‘Karnataka Co-operative Societies Act, 1959’ and subsequently got registered under ‘Karnataka Souharda Sahakari Act, 1977’ and ch...