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of <h1>New Section 196 circular tightens Section 29A due diligence duties for resolution professionals and resolution applicants in insolvency</h1> The circular issued under Section 196 of the Insolvency and Bankruptcy Code strengthens due diligence obligations of resolution professionals regarding Section 29A ineligibility of resolution applicants. It reiterates that resolution professionals must disclose Section 29A criteria in Form G, ensure prospective resolution applicants submit undertakings and affidavits confirming eligibility, and conduct independent due diligence, evidenced through a due diligence certificate attached to the compliance certificate in Form H. Resolution professionals must also place a detailed Section 29A compliance note before the committee of creditors and ensure related deliberations are minuted.
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