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        F. Acts / Amendment Acts

        Section 5 - Insertion of new section 29A.

        Insolvency and Bankruptcy Code (Amendment) Act, 2018

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        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.
                          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 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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