Section 11 in Insolvency And Bankruptcy Code, 2016
11. Persons not entitled to make application.
- 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 a pre-packaged insolvency resolution process] [Inserted by Act No. 26 of 2021.]; or(aa)[ a financial creditor or an operational creditor of a corporate debtor undergoing a pre-packaged insolvency resolution process; or] [Inserted by Act No. 26 of 2021.](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 under Chapter III-A, twelve months preceding the date of making of the application; or] [Inserted by Act No. 26 of 2021.](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 [I] [Renumbered by Act No. 1 of 2020, dated 13.3.2020.]. - For the purposes of this section, a corporate debtor includes a corporate applicant in respect of such corporate debtor.[Explanation II. [Inserted by Act No. 1 of 2020, dated 13.3.2020.] - 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.]
