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.
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.
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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