NCLT cannot adjudicate on eligibility criteria laid down by CoC: NCLAT

Varun Marwah August 6 2018

The NCLAT has overturned a decision of the NCLT Guwahati Bench which directed the resolution professional/committee of creditors to reconsider the eligibility criterion laid down for resolution applicants.

Insolvency resolution process against the corporate debtor, Assam Company India Ltd was triggered in October 2017. As a part of the eligibility criteria in the Expression of Interest (EOI), the RP/CoC laid down that prospective applicants must have a minimum net worth of Rs. 400 crores. M.K Shah Exports Ltd, one such prospective resolution . . .

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