(1) A creditor-initiated insolvency resolution process may be initiated in respect of the following corporate debtors under this Chapter, namely:–
(a) a corporate debtor with assets or income or both, below such levels;
(b) a corporate debtor with such class of creditors or such amount of debt; or
(c) such other category of corporate debtors, as may be notified by the Central Government.
(2) Without prejudice to sub-section (1), a creditor-initiated insolvency resolution process shall not be initiated in respect of a corporate debtor–
(a) for which an insolvency resolution or liquidation proceeding has been commenced and is still undergoing under the provisions of Part II; and
(b) that has undergone a creditor-initiated insolvency resolution process, pre-packaged insolvency resolution process or completed a corporate insolvency resolution process, during the period of three years preceding the creditor-initiated insolvency commencement date.