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- Lastly, Section 29A prevents all promoters from submitting resolution plans.
- But some restrictions are not helpful and prevent almost all companies in presenting resolution plan.
- Such as, section 29A bars promoter who has had NPAs for over a year, or who’s had a personal guarantee that has been invoked from submitting resolution plans.
- There is relaxation for MSMEs to have greater flexibility and it can be considered to lay the floor open to a larger number of resolution plans.
- Allowing certain relaxations to Section 29A could be helpful.