Common directors’ disqualification under Section 29A(e) of the IBC – Fortune Chemicals Ltd. Vs. Ashok Kumar Jaiswal, RP of Aarya Industrial Products Pvt. Ltd. and Anr. – NCLAT New Delhi

The Hon’ble NCLAT upheld the decision of NCLT Kolkata Bench. One of the directors of the Appellant, who was the Prospective Resolution Applicant, was also director of GADPPL which had failed to file its accounts since inception (i.e. 28.02.2014). The said Director was ineligible to be a director as per provisions of Section 164(2) of the Companies Act, 2013 and the Appellant company also accordingly was not eligible to be a resolution applicant in terms of provisions of clause (e) of Section 29A of IBC, 2016.

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