The following persons shall not be entitled to make an application to initiate corporate insolvency resolution process under this Chapter, namely:—
(a) a corporate debtor undergoing a corporate insolvency resolution process; or
(b) a corporate debtor having completed corporate insolvency resolution process twelve months preceding the date of making of the application; or
(c) a corporate debtor or a financial creditor who has violated any of the terms of resolution plan which was approved twelve months before the date of making of an application under this Chapter; or
(d) a corporate debtor in respect of whom a liquidation order has been made.
Explanation —For the purposes of this section, a corporate debtor includes a corporate applicant in respect of such corporate debtor.
– For the purposes of this section, it is hereby clarified that nothing in this section prevent a corporate debtor referred to in clauses (a) to (d) from initiating corporate insolvency resolution process against another corporate debtor.
- Re-numbered vide Insolvency and Bankruptcy Code (Amendment) Act, 2020 dated 13.03.2020 w.e.f. 28.12.2019. To view the amendment act, Click Here. With this, the ordinance dated 28.12.2019 stands repealed.
- Re-numbered vide the Insolvency and Bankruptcy Code (Amendment) Ordinance, 2019 dated 28.12.2019. To view the Ordinance. Click Here.
- Inserted vide Insolvency and Bankruptcy Code (Amendment) Act, 2020 dated 13.03.2020 w.e.f. 28.12.2019. To view the amendment act, Click Here. With this, the ordinance dated 28.12.2019 stands repealed.
- Inserted vide the Insolvency and Bankruptcy Code (Amendment) Ordinance, 2019 dated 28.12.2019. To view the Ordinance. Click Here.