Insolvency & Bankruptcy Code, 2016
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 I].—For the purposes of this section, a corporate debtor includes a corporate applicant in respect of such corporate debtor. 3. The existing Explanation shall be numbered as Explanation I by Act 1 of 2020, s. 4 (w.e.f. 28-12-2019). [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.]