LORAMITRA RATH Vs. BANK OF INDIA, MUMBAI

JUDGEMENT

(1.) Mr. Mishra, learned senior advocate appears on behalf of petitioner and submits, his client is promoter of an existing small scale industry. The establishment is in financial distress and, therefore, provisions in the Insolvency and Bankruptcy Code, 2016 were invoked against it. Resolution Professional (RP) stood appointed.

(2.) He submits, impugned is order dtd. 5/4/2022 passed by the National Company Law Tribunal (NCLT), Cuttack Bench, whereby his client's resolution plan was not accepted purportedly on ground that the establishment had not obtained registration under Micro, Small and Medium Enterprises Development Act, 2006.

(3.) He submits, sec. 8 in the 2006 Act gives discretion to a person, who established a small scale industry prior to commencement, to obtain registration. Sec. 29A in the Code provides for persons, who are not eligible to put in the plan. His client's capacity cannot be said to be covered by said provision regarding ineligibility. He seeks interference.