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        IBC

        Section 29A - Persons not eligible to be resolution applicant

        Insolvency and Bankruptcy Code, 2016
        Chapter II (of Part II)
        CORPORATE INSOLVENCY RESOLUTION PROCESS

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        Resolution applicant eligibility under insolvency law excludes insolvents, wilful defaulters, default-linked promoters, and persons tied to disqualifying transactions. Section 29A bars submission of a resolution plan by persons who are undischarged insolvents, wilful defaulters, persons with specified non-performing asset accounts, persons convicted of specified offences, directors disqualified under company law, persons barred from securities markets, persons linked to specified avoidance or fraudulent transactions, persons with invoked and unpaid guarantees, persons disabled under foreign law, or persons with ineligible connected persons. The provision further defines connected person and financial entity and sets out exceptions and carve-outs for certain financial entities, prior approved resolutions, and cure of overdue amounts.
                  Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                  Provisions expressly mentioned in the judgment/order text.

                      Resolution applicant eligibility under insolvency law excludes insolvents, wilful defaulters, default-linked promoters, and persons tied to disqualifying transactions.

                      Section 29A bars submission of a resolution plan by persons who are undischarged insolvents, wilful defaulters, persons with specified non-performing asset accounts, persons convicted of specified offences, directors disqualified under company law, persons barred from securities markets, persons linked to specified avoidance or fraudulent transactions, persons with invoked and unpaid guarantees, persons disabled under foreign law, or persons with ineligible connected persons. The provision further defines connected person and financial entity and sets out exceptions and carve-outs for certain financial entities, prior approved resolutions, and cure of overdue amounts.


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