There are certain persons who are not entitled to make application to NCLT for initiation of corporate insolvency resolution process. Explain.

The following persons shall not be entitled to make application to NCLT for initiation of corporate insolvency resolution process: 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 preceding the date of making application; or a corporate debtor in respect of whom a liquidation order has been passed so that finality of the liquidation order is ensured. For making an application, a corporate debtor includes a corporate applicant in respect of such corporate debtor.