Under what circumstances Debtor is not entitled to make an application to the NCLT?
CS Professional · Insolvency - Law and Practice · PYQS · December 2019
Under what circumstances Debtor is not entitled to make an application to the NCLT?
Answer & Explanation:
Section 11 of the Insolvency and Bankruptcy Code, 2016 lists out the persons who are not eligible to make an application to initiate the corporate insolvency resolution process. According to section 11, the following persons shall not be entitled to make an application to initiate corporate insolvency resolution process under Chapter II of Part II of the Insolvency and Bankruptcy Code, 2016: a corporate debtor undergoing a corporate 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 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: Corporate Insolvency Resolution Process (CIRP)
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