Images Gym Ltd. was granted credit facility of ₹100 lakh under consortium arrangements. Under the consortium, there were 5 five banks, and credit facility provided by the respective banks were as under: A-One Bank Ltd. ₹

Meaning of 'Resolution Plan' and 'Resolution Applicant': In terms of Section 5(26) of the Insolvency and Bankruptcy Code, 2016 - "Resolution Plan" means a plan proposed by resolution applicant for insolvency resolution of the corporate debtor as a going concern in accordance with Part II. Explanation - For removal of doubts, it is hereby clarified that a resolution plan may include provisions for the restructuring of the corporate debtor, including by way of merger, amalgamation and demerger. Section 5(25) of the Insolvency and Bankruptcy Code, 2016 provides that "resolution applicant" means a person, who individually or jointly with any other person, submits a resolution plan to the resolution professional pursuant to the invitation made under clause (h) of sub-section (2) of section 25 or pursuant to section 54K, as the case may be. Persons not eligible to be resolution applicant - Section 29A: A person shall not be eligible to submit a resolution plan, if such person, or any other person acting jointly or in concert with such person- is an undischarged insolvent; is a wilful defaulter in accordance with the guidelines of the Reserve Bank of India issued under the Banking Regulation Act, 1949 (10 of 1949); at the time of submission of the resolution plan has an account, or an account of a corporate debtor under the management or control of such person or of whom such person is a promoter, classified as non-performing asset in accordance with the guidelines of the Reserve Bank of India issued under the Banking Regulation Act, 1949 (10 of 1949) or the guidelines of a financial sector regulator issued under any other law for the time being in force, and at least a period of one year has lapsed from the date of such classification till the date of commencement of the corporate insolvency resolution process of the corporate debtor: Provided that the person shall be eligible to submit a resolution plan if such person makes payment of all overdue amounts with interest thereon and charges relating to nonperforming asset accounts before submission of resolution plan: Provided further that nothing in this clause shall apply to a resolution applicant where such applicant is a financial entity and is not a related party to the corporate debtor. has been convicted for any offence punishable with imprisonment - for two years or more under any Act specified under the Twelfth Schedule; or for seven years or more under any law for the time being in force: Provided that this clause shall not apply to a person after the expiry of a period of two years from the date of his release from imprisonment: Provided further that this clause shall not apply in relation to a connected person. is disqualified to act as a director under the Companies Act, 2013: Provided that this clause shall not apply in relation to a connected person. is prohibited by the Securities and Exchange Board of India from trading in securities or accessing the securities markets; has been a promoter or in the management or control of a corporate debtor in which a preferential transaction, undervalued transaction, extortionate credit transaction or fraudulent transaction has taken place and in respect of which an order has been made by the Adjudicating Authority under this Code: Provided that this clause shall not apply if a preferential transaction, undervalued transaction, extortionate credit transaction or fraudulent transaction has taken place prior to the acquisition of the corporate debtor by the resolution applicant pursuant to a resolution plan approved under this Code or pursuant to a scheme or plan approved by a financial sector regulator or a court, and such resolution applicant has not otherwise contributed to the preferential transaction, undervalued transaction, extortionate credit transaction or fraudulent transaction; has executed a guarantee in favour of a creditor in respect of a corporate debtor against which an application for insolvency resolution made by such creditor has been admitted under this Code and such guarantee has been invoked by the creditor and remains unpaid in full or part; is subject to any disability, corresponding to clauses (a) to (h), under any law in a jurisdiction outside India; or has a connected person not eligible under clauses (a) to (i).