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 1 [ or a pre-packaged insolvency resolution process]; or 1 [(aa) a financial creditor or an operational creditor of a corporate debtor undergoing a prepackaged 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 1 [(ba) a corporate debtor in respect of whom a resolution plan has been approved under Chapter III-A, 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. 2 [ Explanation I ].--- For the purposes of this section, a corporate debtor includes a corporate applicant in respect of such corporate debtor. 3 [ Explanation II. --- For the purposes of this section, it is hereby clarified that nothing in this section shall prevent a corporate debtor referred to in clauses (a) to (d) from initiating corporate insolvency resolution process against another corporate debtor.]Open in Lexace · Ask the AI about this section
Lexace India is a legal-information & technology platform — not a law firm. It does not advertise, solicit work, or provide legal advice, and no advocate–client relationship is created. Bare-act text for general information; verify against the official source.