# In the matter of Vishram Narayan Panchpor vs. Committee of Creditors (Blue Frog Media Pvt. Ltd.) & Anr.

> NCLAT judgment dated 2024-01-11. Citation: TCN-2024-NCLAT-00691. The case involves an appeal against the order dated 18.08.2023 passed by the Adjudicating…

- **Court:** NCLAT
- **Order date:** 11 Jan 2024
- **Citation:** TCN-2024-NCLAT-00691
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/vishram-narayan-panchpor-vs-committee-of-creditors-a9f47577

## Summary

### Background

The case involves an appeal against the order dated 18.08.2023 passed by the Adjudicating Authority (National Company Law Tribunal), Mumbai Bench-I, which rejected IA No. 2828 of 2021. This application was filed by the Resolution Professional seeking approval of the Resolution Plan submitted by Mr. Mahesh Mathai, the Successful Resolution Applicant. The Adjudicating Authority rejected the plan on the grounds that Mr. Mathai was ineligible to submit a Resolution Plan under Section 29A of the Insolvency and Bankruptcy Code (IBC). The corporate debtor, 'M/s. Blue Frog Media Private Limited', initiated insolvency proceedings through an application under Section 10 of the Code, which was admitted on 19.05.2021. The Committee of Creditors (CoC) approved the Resolution Plan

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## Facts

The Corporate Debtor, Blue Frog Media Private Limited, initiated insolvency proceedings under Section 10 of the IBC, which were admitted on 19.05.2021. Mr. Mahesh Mathai, an ex-director of the Corporate Debtor, submitted a Resolution Plan that was approved by the Committee of Creditors (CoC) with a 91.86% vote share on 08.11.2021. The Resolution Professional filed IA No. 2828 of 2021 seeking approval of the Resolution Plan. The Adjudicating Authority rejected the plan on 18.08.2023, deeming Mr. Mathai ineligible under Section 29A of the IBC because he was a former director who resigned on 01.03.2018. The Adjudicating Authority believed that Section 29A restricts individuals who could adversely affect the CIRP. Mr. Mathai's shareholding increased after his resignation,

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## Issues and analysis

### Issue 1: Whether Respondent No.2 is ineligible under …

**Ratio:** Section 29A of the IBC does not impose a 'per se' disqualification on former promoters or

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**Reasoning:** The NCLAT reasoned that the Adjudicating Authority erred in holding Mr. Mathai ineligible

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**Interpretation:** Section 29A should be interpreted to mean that a former promoter or director is

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**Application:** In this case, since Mr. Mathai, the Respondent No.2, was not covered by any of

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## Parties

- **Judges:** Ashok Bh…; Barun M…; +1 more
- **Appellants:** Vishram Narayan…
- **Respondents:** Blue Frog Media…; Committee of…

## Timeline

- **2018-03-01 — Resignation of…**: Mr. Mahesh Mathai resigned as…
- **2021-05-19 — Insolvency Ad…**: Application under Section 10 of the Code was…

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