NISHANT
Law on maintainability of Compromise and Arrangement application by Promoter during pendency of Liquidation under IBC clarified by NCLAT
NISHANT MEHROTRA 30 Oct 2019

Law on maintainability of Compromise and Arrangement application by Promoter during pendency of Liquidation under IBC clarified by NCLAT

NCLAT :: An application under Section 230 to 232 of the Companies Act, 2013, for Compromise and Arrangement with creditors is maintainable during the pendency of the liquidation proceedings under the Insolvency and Bankruptcy Code, 2016.

However, the Promoters who are ineligible under Section 29A IBC are not entitled to file an application for Compromise and Arrangement in their favour under Section 230 to 232 of the Companies Act, 2013.

Case:

Jindal Steel and Power Ltd. Vs. Arun Kumar Jagatramka

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