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 4 [or a pre-packaged insolvency resolution process]; or
(aa) a financial creditor or an operational creditor of a corporate debtor undergoing a pre-packaged 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
(ba) a corporate debtor in respect of whom a resolution plan has been approved Ins. by Act No. 26 of 2018, sec. 7(b) (i) (w.e.f. 6-6-2018). Ins. by Act No. 26 of 2018, sec. 7(b) (ii) (w.e.f. 6-6-2018). Ins. by Act No. 17 of 2020, sec. 2 (w.e.f. 05-06-2020). Ins. by Act No. 26 of 2021, sec.4(i) (w.e.f. 04-04-2021). Ins. by Act No. 26 of 2021,sec.4(ii) (w.e.f. 04-04-2021). Ins. by Act No. 26 of 2021, sec.4(iii) (w.e.f. 04-04-2021).
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.
Explanation 1 [I]. - For the purposes of this section, a corporate debtor includes a corporate applicant in respect of such corporate debtor.
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.]