"A person convicted of any offence punishable with imprisonment for five years under any Act specified in the Twelfth Schedule of the Insolvency and Bankruptcy Code, 2016 is not eligible to be a resolution applicant unde

A person convicted of any offence punishable with imprisonment for five years under any Act specified in the Twelfth schedule of the Insolvency and Bankruptcy Code, 2016 is not eligible to be resolution applicant. The statement is true /correct. Section 29A of the Insolvency and Bankruptcy Code, 2016 specified the persons not eligible to be resolution applicant. They are as under: A person shall not be eligible to submit a resolution plan if he: is an undischarged insolvent. is a wilful defaulter in accordance with the guidelines of Reserve Bank of India. at the time of submission of the resolution plan has an account, classified as non-performing asset in accordance with the guidelines of the Reserve Bank of India issued under the Banking Regulation Act, 1949. has been convicted of an offence punishable with imprisonment for two or more years under any Act Specified under the Twelfth schedule of the I & B Code for seven years or more under any other law for the time being in force. disqualified to act as director under the Companies Act, 2013. is prohibited by SEBI from trading in securities. has been a promoter or in the management or control of a corporate debtor in which preferential transactions, undervalued transaction or fraudulent transaction has taken place. has executed a guarantee in favour of a creditor in respect of a corporate debtor against which an application for insolvency resolution has been admitted. is subject to any disability corresponding to stated above, under any law in a jurisdiction outside India. has a connected person not eligible under clause (a) to (f) stated above.