The appellant, a nominee director, submitted a resolution plan for Ashok Magnetics Limited (Corporate Debtor). The Committee of Creditors (CoC) rejected the resolution plan on September 18, 2018. The appellant challenged the CoC's decision before the Adjudicating Authority (National Company Law Tribunal), Single Bench, Chennai. The Adjudicating Authority rejected the appellant's application. The appellant then appealed to the NCLAT. The appellant's counsel argued that Section 29A(c) of the IBC applies, requiring the resolution applicant to be in control of a company declared as an NPA or be a promoter. The respondent's counsel argued that being a director of another company declared as an NPA disqualifies the applicant under Section 29A and that the resolution plan was

The appellant, a nominee director, submitted a resolution plan for Ashok Magnetics Limited (Corporate Debtor). The Committee of Creditors (CoC) rejected the resolution plan on September 18, 2018. The appellant challenged the CoC's decision before the Adjudicating Authority (National Company Law Tribunal), Single Bench, Chennai. The Adjudicating Authority rejected the appellant's application. The appellant then appealed to the NCLAT. The appellant's counsel argued that Section 29A(c) of the IBC applies, requiring the resolution applicant to be in control of a company declared as an NPA or be a promoter. The respondent's counsel argued that being a director of another company declared as an NPA disqualifies the applicant under Section 29A and that the resolution plan was