The following persons shall not be entitled to make an application to initiate corporate insolvency resolution process under this Chapter, namely:-
(a) a corporate debtor undergoing a corporate insolvency resolution process; or
(b) a corporate debtor having completed corporate insolvency resolution process twelve months preceding the date of making of the application; or
(c) a corporate debtor or a financial creditor who has violated any of the terms of resolution plan which was approved twelve months before the date of making of an application under this Chapter; or
(d) a corporate debtor in respect of whom a liquidation order has been made.
Explanation.-For the purposes of this section, a corporate debtor includes a corporate applicant in respect of such corporate debtor.
Insolvency and Bankruptcy Code 2016
Section 11 Persons not entitled to make application
Section 12 Time-limit for completion of insolvency resolution process
Section 13 Declaration of moratorium and public announcement
Section 15 Public announcement of corporate insolvency resolution process
Section 16 Appointment and tenure of interim resolution professional
Section 17 Management of affairs of corporate debtor by interim resolution professional
Section 18 Duties of interim resolution professional
Section 19 Personnel to extend cooperation to interim resolution professional
Section 20 Management of operations of corporate debtor as going concern