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Judgment
Arindam Sinha, J
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.
He submits, impugned is order dated 5th April, 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.
He submits, section 8 in the 2006 Act gives discretion to a person, who established a small scale industry prior to commencement, to obtain registration. Section 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.
Mr. Kar, learned advocate appears on behalf of the bank and prays for adjournment till Thursday (19th May, 2022), to obtain instructions. Mr. Agarwal, learned advocate appears on behalf of RP and submits, his client will abide by direction of Court.
List on 19th May, 2022 under same heading for consideration of the interim application or the writ petition itself.
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