In Arun Kumar Jagatramka v Jindal Steel and Power Ltd (2021), the Supreme Court held that a person…
Arun Kumar Jagatramka (2021) held that the prohibition in section 29A and section 35(1)(f) "must also attach itself to a scheme of compromise or arrangement under Section…
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In Arun Kumar Jagatramka v Jindal Steel and Power Ltd (2021), the Supreme Court held that a person ineligible under section 29A:
Answer and explanation
Correct answer D
Arun Kumar Jagatramka (2021) held that the prohibition in section 29A and section 35(1)(f) "must also attach itself to a scheme of compromise or arrangement under Section 230" when the company is in liquidation under the Code. Section 35(1)(f) separately forbids the liquidator from selling property to a person not eligible to be a resolution applicant. So an ineligible promoter cannot regain the company through a scheme.
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