NCLAT Permits Participation of Erstwhile Promoter In CIRP Despite CoC’s Disqualification

It was found that the Respondent had previously engaged in negotiations with the CoC and the RP and had also revised his plan. Therefore, he had the right to challenge the procedure of application
NCLAT-NCLAT-Chennnai-National-Company-Law-Appellate-Tribunal-Erstwhile-Erstwhile-Promoter-CIRP-TAXSCAN

The National Company Law Appellate Tribunal (NCLAT) permitted participation of erstwhile promoter in Corporate Insolvency Resolution Process ( CIRP) despite CoC’s disqualification. Application under section 7 of the Insolvency was filed by the Punjab National Bank and on the basis of this on 24th July, 2022, Corporate Insolvency Resolution Process was initiated against the company….

Your free access to Taxscan has Expired

To read the article, get a premium account.

Taxscan Premium

Why should you subscribe?
  • Enjoy our website without interruptions from advertisements
  • Receive Daily newsletters
  • Receive realtime Telegram/Whatsapp news updates
  • Download original Judgements / Order / Notifications / Circulars, etc
  • Enjoy exclusive entry fees to Simplified series. (Webinars, Seminars, masterclasses, etc.)
  ₹2299 + GST for 1 year

Subscribe Now

Already a member? Log in here
taxscan-loader