Section 37(3) in Insolvency and Bankruptcy Board of India (Fast Track Insolvency Resolution Process for Corporate Persons) Regulations, 2017
(3)[ A resolution plan shall contain details of the resolution applicant and other connected persons to enable the committee to assess the credibility of such applicant and other connected persons to take a prudent decision while considering the resolution plan for its approval.Explanation. - For the purposes of this sub-regulation,-(i)'details' shall include the following in respect of the resolution applicant and other connected persons, namely:-(a)identity;(b)conviction for any offence , if any, during the preceding five years;(c)criminal proceedings pending, if any;(d)disqualification, if any, under Companies Act, 2013, to act as a director;(e)identification as a willful defaulter, if any, by any bank or financial institution or consortium thereof in accordance with the guidelines of the Reserve Bank of India;(f)debarment, if any, from accessing to, or trading in, securities markets under any order or directions of the Securities and Exchange Board of India,; and(g)transactions, if any, with the corporate debtor in the preceding two years.(ii)the expression 'connected persons' means-(a)persons who are promoters or in the management or control of the resolution applicant;(b)persons who will be promoters or in management or control of the business of the corporate debtor during the implementation of the resolution plan;(c)holding company, subsidiary company, associate company and related party of the persons referred to in items (a) and (b).]
