Ineligibility under Section 29A restricts certain persons from submitting resolution plans, subject to specific exceptions.

Section 29A disqualifies specified persons from submitting resolution plans: undischarged insolvents; willful defaulters per RBI guidelines; persons with NPA accounts of the applicant or of corporate debtors under their control (subject to a one year lapse and a payment cure or financial entity exception); convicted persons meeting imprisonment thresholds (with limited post release and connected person exceptions); persons disqualified as directors; securities market prohibitions; promoters/management involved in preferential/undervalued/extortionate/fraudulent transactions where an order has been made; guarantors of invoked unpaid guarantees; persons with equivalent foreign disabilities; and applicants with ineligible connected persons, with detailed definitions of "connected person" and "financial entity" and limited carve outs for prior approved resolution plan acquirers.

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