Creditor-initiated insolvency resolution process eligibility is limited to notified corporate debtors and barred in specified prior proceedings. Eligibility for a creditor-initiated insolvency resolution process is limited to specified corporate debtors notified by the Central Government, including debtors below prescribed asset or income thresholds, those within notified classes of creditors or debt levels, and other notified categories. The process cannot be initiated where insolvency resolution or liquidation proceedings are already pending under Part II, or where the debtor has undergone a creditor-initiated insolvency resolution process, a pre-packaged insolvency resolution process, or a completed corporate insolvency resolution process within the preceding three years.
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.
Creditor-initiated insolvency resolution process eligibility is limited to notified corporate debtors and barred in specified prior proceedings.
Eligibility for a creditor-initiated insolvency resolution process is limited to specified corporate debtors notified by the Central Government, including debtors below prescribed asset or income thresholds, those within notified classes of creditors or debt levels, and other notified categories. The process cannot be initiated where insolvency resolution or liquidation proceedings are already pending under Part II, or where the debtor has undergone a creditor-initiated insolvency resolution process, a pre-packaged insolvency resolution process, or a completed corporate insolvency resolution process within the preceding three years.
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