11-Nov-2022 11:16 PM
The doubt is when the corporate debtor is itself declared as NPA and is undergoing CIRP then how can it still payoff it's debts for letting its promoter, management or controlling entity to let them be a Resolution Applicant for the same company?? Kindly help not clear with this.
Here, the corporate debtor mention is any corporate debtor other than the corporate debtor who is undergoing CIRP. for example, XYZ ltd is a Company undergoing CIRP and A is promoter of ABC Ltd. who is a corporate debtor classified as non-performing asset for the period more than one year. Then A can not become Resolution professional of XYZ Ltd. You can watch the detail analysis of Section 29A which is available on youtube for more clarity.
Answer given by Shubhamm Sir at 23-Nov-2022 08:47 PM