Section 29A ineligibility doesn't apply to ongoing insolvency proceedings, NCLT

Varun Marwah June 8 2018
NCLT, Mumbai Bench

The Mumbai Bench of the National Company Law Tribunal (NCLT) has, in a single stroke, passed a set of orders that are new to the Insolvency and Bankruptcy Code (IBC) jurisprudence. Judicial Member MK Shrawat has ruled that Section 29A ineligibility doesn't apply to ongoing insolvency proceedings

The decision is one that is likely to have far-reaching consequences, given all the eligibility hurdles the resolution applicants face in big cases. It also possibly points out an argument which could have been pursued by lawyers in . . .

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