The National Company Law Tribunal (NCLT), Bengaluru, on 28 October held that a person cannot be disqualified under Section 29A(b) of the Insolvency and Bankruptcy Code, 2016 (IBC), merely because companies in which he holds directorships have been classified as wilful defaulters.
A Bench of Judicial Member Sunil Kumar Aggarwal and Technical Member Radhakrishna Sreepada allowed an application filed by V.V.S.R. Anjaneyulu Vattem, challenging his exclusion from the list of Prospective Resolution Applicants. It observed:
“We do not have any material before us establishing the Applicant’s independent ineligibility to submit a resolution plan under the applicable provisions of Section 29A except Section 29A(c) and (h) of the Code and the…