Corporate insolvency resolution process disqualifications bar repeat filings, plan violators, and entities under liquidation from initiating applications. Persons are barred from initiating a corporate insolvency resolution process where the corporate debtor is already undergoing such process or a pre-packaged insolvency resolution process. The bar also covers a financial creditor or operational creditor of a corporate debtor under pre-packaged insolvency resolution, a debtor that completed resolution within the preceding twelve months, a debtor for whom a resolution plan was approved within the preceding twelve months, persons who violated such a plan, and a debtor against whom a liquidation order has been made. The provision also clarifies the scope of corporate debtor and permits initiation against another corporate debtor.
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Provisions expressly mentioned in the judgment/order text.
Corporate insolvency resolution process disqualifications bar repeat filings, plan violators, and entities under liquidation from initiating applications.
Persons are barred from initiating a corporate insolvency resolution process where the corporate debtor is already undergoing such process or a pre-packaged insolvency resolution process. The bar also covers a financial creditor or operational creditor of a corporate debtor under pre-packaged insolvency resolution, a debtor that completed resolution within the preceding twelve months, a debtor for whom a resolution plan was approved within the preceding twelve months, persons who violated such a plan, and a debtor against whom a liquidation order has been made. The provision also clarifies the scope of corporate debtor and permits initiation against another corporate debtor.
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