Eligibility of Resolution Applicant must be determined on the date of submission of resolution plan: SC

The Supreme Court (SC), while dealing with the issue of ineligibility of a Resolution Applicant in a MSME insolvency case, has held that, a conjoint reading of Section 29A & Section 240A of the Insolvency & Bankruptcy Code, 2016 (IBC) would stipulate that the eligibility of the Resolution Applicant under Section 29A has to be determined on the date of submission of the resolution plan by the Applicant & not on the basis of the date of filling of CIRP against the Corporate Debtor.