The Insolvency and Bankruptcy Board of India (IBBI) filed an appeal against an order dated June 4, 2018, by the Adjudicating Authority (National Company Law Tribunal), Mumbai Bench. The order pertained to findings in paragraphs 7 and 8 regarding the resolution plan. The core issue revolves around the eligibility of Mr. Mahendra Wig, the Resolution Applicant, considering his relationship with the Promoter Directors of the Corporate Debtor Company and the applicability of Section 29-A of the Insolvency and Bankruptcy Code (I&B Code). The Adjudicating Authority had raised a legal question regarding whether Mr. Wig's resolution plan could be entertained or admitted after the introduction of Section 29-A of the I&B Code.
The Insolvency and Bankruptcy Board of India (IBBI) filed an appeal against the Adjudicating Authority's order dated June 4, 2018. The order related to the resolution plan submitted by Mr. Mahendra Wig. Mr. Wig is related to the Promoter Directors of the Corporate Debtor Company. The Adjudicating Authority raised a legal question about the admissibility of Mr. Wig's resolution plan after the introduction of Section 29-A of the Insolvency and Bankruptcy Code (I&B Code). Section 29-A disqualifies 'connected persons' from submitting resolution plans. The ordinance introducing Section 29-A was promulgated on November 23, 2017, and later became an amendment on January 18, 2018. The resolution plan was approved by 100% vote of the CoC. The IBBI's appeal was based on the
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The Insolvency and Bankruptcy Board of India (IBBI) filed an appeal against an order dated June 4, 2018, by the Adjudicating Authority (National Company Law Tribunal), Mumbai Bench. The order pertained to findings in paragraphs 7 and 8 regarding the resolution plan. The core issue revolves around the eligibility of Mr. Mahendra Wig, the Resolution Applicant, considering his relationship with the Promoter Directors of the Corporate Debtor Company and the applicability of Section 29-A of the Insolvency and Bankruptcy Code (I&B Code). The Adjudicating Authority had raised a legal question regarding whether Mr. Wig's resolution plan could be entertained or admitted after the introduction of Section 29-A of the I&B Code.
The Insolvency and Bankruptcy Board of India (IBBI) filed an appeal against the Adjudicating Authority's order dated June 4, 2018. The order related to the resolution plan submitted by Mr. Mahendra Wig. Mr. Wig is related to the Promoter Directors of the Corporate Debtor Company. The Adjudicating Authority raised a legal question about the admissibility of Mr. Wig's resolution plan after the introduction of Section 29-A of the Insolvency and Bankruptcy Code (I&B Code). Section 29-A disqualifies 'connected persons' from submitting resolution plans. The ordinance introducing Section 29-A was promulgated on November 23, 2017, and later became an amendment on January 18, 2018. The resolution plan was approved by 100% vote of the CoC. The IBBI's appeal was based on the
…An Ordinance was promulgated under the…
The Ordinance took the shape of 'Amendment'…