Resolution applicant eligibility rules bar insolvents, wilful defaulters, and connected persons from submitting resolution plans. Section 29A bars specified persons from submitting a resolution plan, including undischarged insolvents, wilful defaulters, persons linked to ... Summary
Resolution applicant eligibility rules bar insolvents, wilful defaulters, and connected persons from submitting resolution plans.
Section 29A bars specified persons from submitting a resolution plan, including undischarged insolvents, wilful defaulters, persons linked to non-performing asset accounts, persons convicted of serious offences, director-disqualified persons, and persons prohibited from securities trading. The bar also covers persons involved in specified avoidance or fraudulent transactions, persons who have given enforceable guarantees for an admitted corporate debtor, persons disabled under foreign law, and persons with ineligible connected persons. Connected person includes promoters, persons in management or control, and certain group or related entities, subject to exclusions for scheduled banks, asset reconstruction companies, and alternate investment funds.
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