Persons not entitled to make application
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 1[or a pre-packaged insolvency resolution process]; or
2[(aa) a financial creditor or an operational creditor of a corporate debtor undergoing a pre-packaged 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
3[(ba) a corporate debtor in respect of whom a resolution plan has been approved under Chapter III-A, 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. 4[I]– For the purposes of this section, a corporate debtor includes a corporate applicant in respect of such corporate debtor.
5[Explanation II.- For the purposes of this section, it is hereby clarified that nothing in this section shall prevent a corporate debtor referred to in clauses (a) to (d) from initiating corporate insolvency resolution process against another corporate debtor.]
Amendment
1Ins. by Act No. 26 of 2021, sec.4(i) (w.e.f. 04-04-2021).
2Ins. by Act No. 26 of 2021, sec.4(ii) (w.e.f. 04-04-2021).
3Ins. by Act No. 26 of 2021, sec.4(iii) (w.e.f. 04-04-2021).
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