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of <h1>Section 29A of Insolvency Code: Criteria for Disqualification of Resolution Applicants in Corporate Insolvency Process Explained</h1> Section 29A of the Insolvency and Bankruptcy Code, 2016, outlines the criteria disqualifying individuals or entities from being resolution applicants in the corporate insolvency resolution process. Disqualifications include being an undischarged insolvent, a willful defaulter, having non-performing assets, certain criminal convictions, disqualification as a director, and involvement in fraudulent transactions. Exceptions exist for financial entities not related to the corporate debtor. The section also defines 'connected persons' and provides conditions under which financial entities may be exempt from certain disqualifications. It includes provisions for resolving non-performing asset accounts and clarifies related party definitions.
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