Mr. 'S' submitted his candidature for being a resolution applicant of AC Ltd. in pursuant to an invitation made for the names of prospective resolution applicants under the relevant provisions of the Insolvency and Bankr

Mr. 'S' submitted his candidature for being a resolution applicant of AC Ltd. in pursuant to an invitation made for the names of prospective resolution applicants under the relevant provisions of the Insolvency and Bankruptcy Code, 2016, by Mr. 'A', the resolution professional. Mr. 'S' is a spouse of sister of Mr. 'V' who is going to be involved in the management of AC Ltd. as a director at the time of implementation of the resolution plan and Mr. 'S', being a person resident in India was convicted under the provisions of FEMA Act, 1999, for an act specified under the Twelfth Schedule of the IBC, 2016, with imprisonment for 2.5 years and only 1 year and 3 months has expired from the date of his release of imprisonment, for not paying penalty which arose due to bringing into India from Canada during his temporary visit, ₹2,00,00,000 worth Indian currency notes. In the light of the given facts, examine whether Mr. 'S' is eligible to be a resolution applicant?