Beans and More Hospitality Pvt. Ltd.

NCLAT held that learned counsel appearing on behalf of the Appellant submitted that the ‘resolution applicant’ was the erstwhile ‘Promoter’ and, therefore, is the relevant eligible party under Section 29A of the I&B Code. However, such submission cannot be accepted as it has no bar for the ‘Promoter’ to file ‘resolution application’, even if otherwise not eligible in terms of Section 29A. There is nothing on record to suggest that the ‘Corporate Debtor’ is an undischarged insolvent or wilful defaulter in accordance with the guidelines of the Reserve Bank of India issued under the Banking Regulations Act, 1949 or at the time of submission of ‘resolution plan’ has an account, classified as ‘Non-Performing Asset’ (NPA) in accordance with the guidelines of the Reserve Bank of India or that the ‘Promotor’ or its Directors or has been convicted for any offence punishable with imprisonment or is disqualified to act as a Director under the Companies Act, 2013 or was prohibited by ‘Securities and Exchange Board of India’ (SEBI) or made any preferential transaction , an undervalued transaction or granted extortionate credit transaction or made fraudulent transaction etc.