11.Persons not entitled to make application
11. 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 3 [or a prepackaged insolvency resolution process]; or
3[(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
3[(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
1[Explanation I.—For the purposes of this section, a corporate debtor includes a corporate applicant in respect of such corporate debtor.]
2[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.]
Note:-
1. Instered by Amendment:- The Insolvency And Bankruptcy Code (Amendment) Ordinance Act, 2019.
2. Instered by Amendment:- The Insolvency And Bankruptcy Code (Amendment) Ordinance Act, 2019.
3. Instered by Amendment:- The Insolvency And Bankruptcy Code (Amendment) Ordinance Act, 2021 dated 04.04.2021 (This ordinance is replaced by The insolvency and Bankrupcy code (Amendment) Act, 2021 w.e.f 04.04.2021.)
