Prohibition of IBC when the company is undergoing liquidation under the auspices of IBC.

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Last updated: 09 April 2021
Quick Summary
The Supreme Court has clarified that individuals ineligible to submit a resolution plan under Section 29A of the Insolvency and Bankruptcy Code (IBC), 2016, are also prohibited from proposing a compromise or arrangement scheme under Section 230 of the Companies Act, 2013. This ruling specifically addresses situations where a company is undergoing liquidation under the IBC.

Court :
Supreme Court of India

Brief :
By its judgment dated 24 October 2019, the National Company Law Appellate Tribunal held that a person who is ineligible under Section 29A of the Insolvency Bankruptcy Code, 2016 to submit a resolution plan, is also barred from proposing a scheme of compromise and arrangement under Section 230 of the Companies Act, 2013.

Citation :
Civil Appeal No. 9664 of 2019

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