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
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….
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