The Insolvency and Bankruptcy Code, 2016
Insolvency Resolution and Liquidation for Corporate Persons
Corporate Insolvency Resolution Process(CIRP)
Section 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; or
(b) a corporate debtor having completed corporate insolvency resolution process 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.
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.]
Notifications & Circulars
*This shall come into force w.e.f. from 01.12.2016.
1. Ins. by the Insolvency and Bankruptcy Code (Amendment) Act, 2020, w.e.f. 28-12-2019.
2. Ins. by the Insolvency And Bankruptcy Code (Amendment) Ordinance, 2019 (Ordinance No. 16 of 2019), w.e.f. 28-12-2019.