Party ineligible under S. 29-A IBC to submit a resolution plan under IBC is not eligible to file an application for compromise and arrangement in terms of Ss. 230 to 232 of the Companies Act, 2013. The validity of Regulation 2-B of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016, imposing such bar/restriction, affirmed.
[Arun Kumar Jagatramka v. Jindal Steel & Power Ltd., (2021) 7 SCC 474]