JUDGMENT :

DHANANJAYA Y CHANDRACHUD, J.

This judgment has been divided into the following sections to facilitate analysis:

A. Factual Background

A.1 Civil Appeal 9664 of 2019

A.2 Civil Appeal 2719 of 2020

A.3 Liquidation Process Regulations, 2016

A.4 Article 32 Petition

B. Issues

C. Submissions

D. Analysis of the Legal Framework

D.1 Ineligibility during the resolution process and liquidation

D.2 Interplay : IBC liquidation and Section 230 of the Act of 2013

D.3 The 'Clean Slate'

D.4 Constitutional Validity of Regulation 2B - Liquidation Process Regulations

E. Epilogue

F. Conclusion

A. Factual Background

A.1 Civil Appeal 9664 of 2019["First Appeal"]

1. By its judgment dated 24 October 2019, the National Company Law Appellate Tribunal["NCLAT"] held that a person who is ineligible under Section 29A of the Insolvency Bankruptcy Code, 2016["IBC"] to submit a resolution plan, is also barred from proposing a scheme of compromise and arrangement under Section 230 of the Companies Act, 2013[the "Act of 2013"]. The judgment was rendered in an appeal[Company Appeal (AT) No. 221 of 2018] filed by Jindal Steel and Power Limited["JSPL"], an unsecured creditor of the corporate debtor, Gujarat NRE Coke Limited