A bench led by Justice DY Chandrachud upheld the National Company Law Appellate Tribunal’s view that Section 29A of the IBC specifically disqualified former promoters from participating in the insolvency process and this disqualification also extended to a proposal for revival under Section 230 of the Companies Act.
from The Financial Express https://ift.tt/3tnL94G
Monday, 15 March 2021
Ex-promoters can’t suggest revival scheme under Companies Act: Supreme Court
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