Former promoters and directors can submit bids if not ineligible under Section 29A of IBC: NCLAT
The National Company Law Appellate Tribunal (NCLAT) has ruled that former promoters and directors of a company undergoing insolvency are not automatically barred from submitting resolution plans. The decision came as NCLAT set aside an order from the Mumbai bench of the National Company Law Tribunal (NCLT) that invoked Section 29A of the Insolvency and Bankruptcy Code to restrict such individuals from submitting a resolution plan.
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