Ex-Management of Corporate Debtor cannot file Proposal u/s 12A of IBC while considering Resolution Plan: NCLT [Read Order]
The Tribunal agreed with the contention of the respondent and held that ex management of the corporate debtor filed various applications under section 12A of the IBC which were not approved therefore they cannot be allowed to file the same application now
The New Delhi bench of the National Company Law Tribunal (NCLT) held that settlement proposal under section 12A of the Insolvency and Bankruptcy Code (IBC) cannot be considered after the approval of resolution plan. The Tribunal further held that multiple such proposals had already been proposed on previous occasions and all of them were rejected…
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