The suspended management failed to establish eligibility to submit a Resolution Plan under the IBC due to disqualifications under Sections 29A(e) and 29A(f).

ORDER

1. The Present application has been filed on behalf of Mr. Carnet Elias Fernandez; the Suspended Management / Promoter of the Corporate Debtor, under Section 60 (5) of the Insolvency and Bankruptcy Code, 2016 read with Rule 11 of the National Company Law Tribunal Rules, 2016, seeking setting aside of the letter dated 11.06.2025 issued by the Resolution Professional declaring the Applicant ineligible under Section 29A (e) and 29A(f) of the Code and a direction to permit consideration of the Applicant’s Resolution Plan.

2. Applicant’s case in brief a. The Corporate Insolvency Resolution Process (CIRP)of GEI Power Limited was initiated by this Tribunal by order dated 22.01.2025, ORDER DATED: 17.02.2026 whereby Mr. Jagdish Kumar was appointed as the Interim Resolution Professional. It is pleaded that in the 1st Meeting of the Committee of Creditors held on 24.02.2025, the Committee of Creditors confirmed the appointment of the Interim Resolution Professional as the Resolution Professional with 100% voting share, and the same was taken on record by this Tribunal vide order dated 24.03.2025, appointing Mr. Jagdish Kumar Parulkar as the Resolution Professional.

b. It is stated that Form-G Inviting Expression of Interest (EOI) was issued on 21.03.2025; the Provisional List of Prospective Resolution Applicants was issued on 30.04.2025; and the Final List of Prospective Resolution Applicants was issued on 15.05.2025 by RP. It is further pleaded that in the 4th Meeting of the Committee of Creditors held on 16.05.2025, the Suspended Management requested permission to submit a Resolution Plan.

c. It is further stated that the CoC members approved the resolution permitting submission of Resolution Plan by the Suspended Management with 68.37% voting share. Pursuant thereto, the Information Memorandum (IM), Request for Resolution Plan (RFRP) and Bid Evaluation Matrix (BEM) were issued to all PRAs. It is further pleaded that the Suspended Management deposited Participation ORDER DATED: 17.02.2026 Money Deposit (PMD) of Rs.5,00,000/- in the CIRP account of the Corporate Debtor.

d. It is stated that the RP filed IA No. 237 (MP) of 2025 in CP (IB) No. 49 (MP) of 2024 under Section 60 (5) of the Code seeking permission of this Tribunal to allow submission of Resolution Plan by the Suspended Management. This Tribunal, by order dated 06.06.2025, dismissed the said application as withdrawn with liberty to the RP to take steps in accordance with law. The true copy of the said application is annexed as Annexure-1.

e. It is further submitted that vide letter dated 11.06.2025, received by the Applicant/Suspended management through e-mail dated 11.06.2025, the RP declared the Applicant ineligible under Section 29A (e) and 29A(f) of the Code to submit the Resolution Plan. The Applicant replied to the said letter vide e-mail dated 13.06.2025. The true copy of letter dated 11.06.2025, received by applicant/suspended management is annexed as Annexure-2. and copy of the reply sent by the applicant vide E-mail dated 13.06.2025 to the letter of RP is annexed as Annexure -3.

f. The Applicant submitted that his DIN was shown as “deactivated” and that he approached the Ministry of Corporate Affairs (MCA) and completed the required process, pursuant to which the status of his DIN ORDER DATED: 17.02.2026 has been corrected. It is the case of the Applicant that on account of such correction, the ineligibility under Section 29A (e) does not subsist.

g. The Applicant has placed on record a detailed chronology of events relating to GEI Industrial Systems Limited, which went into CIRP with effect from 20.07.2017, and proceedings initiated by BSE / NSE / SEBI, including letters, replies, a show cause notice dated 26.04.2018, a reply dated 01.05.2018, and an order dated 26.06.2018, as detailed in the petition. The corresponding documents of BSE and NSE are annexed a