In the light of Insolvency and Bankruptcy Code, 2016, indicate whether the following persons are eligible to be a Resolution Applicant for ABC Ltd. which is undergoing Corporate Insolvency Resolution Process, based on an
CS Professional · Corporate Restructuring, Valuation and Insolvency · PYQS · December 2021
In the light of Insolvency and Bankruptcy Code, 2016, indicate whether the following persons are eligible to be a Resolution Applicant for ABC Ltd. which is undergoing Corporate Insolvency Resolution Process, based on an application for insolvency resolution made by PQR Bank Ltd. A is declared as a wilful defaulter, in terms of guidelines issued by the Reserve Bank of India.
Answer & Explanation:
In terms of Clause (b) of Sec 29A, a wilful defaulter, as declared by Reserve Bank of India, can't be a resolution applicant.
Topics: Insolvency and Bankruptcy Code, 2016
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