Who are disentitled to make an application to initiate corporate insolvency resolution process under IBC, 2016 ?
CS Professional · Corporate Restructuring, Insolvency, Liquidation & Winding-up · PYQS · December 2021
Who are disentitled to make an application to initiate corporate insolvency resolution process under IBC, 2016 ?
Answer & Explanation:
Section 11 of the Insolvency and Bankruptcy Code 2016 disentitles the following persons to make an application to initiate corporate insolvency resolution process: 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; or 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 a corporate debtor in respect of whom a liquidation order has been made.
Topics: Insolvency and Bankruptcy Code, 2016
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