NCLAT Dismisses Carnet Fernandes Eligibility Appeal

NCLAT upheld NCLT order declaring Carnet Elias Fernandes ineligible to submit resolution plan under IBC Section 29A.
Fernandes was barred due to SEBI order prohibiting him from accessing securities markets for 10 years.
The SEBI order dated 26.06.2018 compulsorily delisted GEI Industrial Systems Ltd. and restricted its promoters.
Court ruled that Adjudicating Authority cannot ignore existing SEBI orders when determining eligibility under IBC.