Roco Ltd. is undergoing Corporate Insolvency Resolution Process (CIRP). In order to achieve the objective of value maximisation, the Resolution Professional of Roco Ltd. is contemplating filing an application against the

Section 11 of the Insolvency & Bankruptcy Code lists out the persons who are not eligible to make an application to initiate the corporate insolvency resolution process. The following persons shall not be entitled to make an application to initiate corporate insolvency resolution process under Chapter II of Part II, namely: a corporate debtor undergoing a corporate insolvency resolution process or a pre-packaged insolvency resolution process. a financial creditor or an operational creditor of a corporate debtor undergoing a pre-packaged insolvency resolution process; or; a corporate debtor having completed corporate insolvency resolution process twelve months preceding the date of making of the application; or 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; 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; or a corporate debtor in respect of whom a liquidation order has been made However, Explanation II provides that 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. Since there exists a provision in accordance with which a corporate debtor may initiate corporate insolvency resolution process against any other corporate debtor, the opinion of the lawyer is not correct.