Persons not eligible to be resolution applicant

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.... non-performing asset in accordance with the guidelines of the Reserve Bank of India issued under the Banking Regulation Act, 1949 (10 of 1949) 3[or the guidelines of a financial sector regulator issued under any other law for the time being in force,] and at least a period of one year has lapsed from the date of such classification till the date of commencement of the corporate insolvency resolution process of the corporate debtor: Provided that the person shall be eligible to submit a resolution plan if such person makes payment of all overdue amounts with interest thereon and charges relating to non-performing asset accounts before submission of resolution plan; 4[Provided further that nothing in this clause shall apply to a resoluti....

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....e date of his release from imprisonment: Provided further that this clause shall not apply in relation to a connected person referred to in clause (iii) of Explanation I;] (e) is disqualified to act as a director under the Companies Act, 2013 (18 of 2013); 6[Provided that this clause shall not apply in relation to a connected person referred to in clause (iii) of Explanation I;] (f) is prohibited by the Securities and Exchange Board of India from trading in securities or accessing the securities markets; (g) has been a promoter or in the management or control of a corporate debtor in which a preferential transaction, undervalued transaction, extortionate credit transaction or fraudulent transaction has taken place and in respect o....

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.... plan; or (iii) the holding company, subsidiary company, associate company or related party of a person referred to in clauses (i) and (ii): 12[Provided that nothing in clause (iii) of Explanation I shall apply to a resolution applicant where such applicant is a financial entity and is not a related party of the corporate debtor: Provided further that the expression "related party" shall not include a financial entity, regulated by a financial sector regulator, if it is a financial creditor of the corporate debtor and is a related party of the corporate debtor solely on account of conversion or substitution of debt into equity shares or instruments convertible into equity shares, 15[or completion of such transactions as may ....

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.... Government.] ******************** Notes:- 1. As Inserted vide Insolvency And Bankruptcy Code (Amendment) Act, 2017 Dated 18-01-2018 2. Substituted vide Insolvency and Bankruptcy Code (Second Amendment) Act, 2018 w.e.f. 06-06-2018 before it was read as " has an account" 3. Inserted vide Insolvency and Bankruptcy Code (Second Amendment) Act, 2018 w.e.f. 06-06-2018 4. Inserted vide Insolvency and Bankruptcy Code (Second Amendment) Act, 2018 w.e.f. 06-06-2018 5. Substituted vide Insolvency and Bankruptcy Code (Second Amendment) Act, 2018 w.e.f. 06-06-2018 before it was read as "(d) has been convicted for any offence punishable with imprisonment for two years or more;" 6. Inserted vide Insolvency and Bankruptcy Code....