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TMI BlogPersons not eligible to be resolution applicantX X X X Extracts X X X X X X X X Extracts X X X X ..... f whom such person is a promoter, classified as non-performing asset in accordance with the guidelines of the Reserve Bank of India issued under the Banking Regulation Act, 1949 (10 of 1949) 3 [ or the guidelines of a financial sector regulator issued under any other law for the time being in force, ] and at least a period of one year has lapsed from the date of such classification till the date of commencement of the corporate insolvency resolution process of the corporate debtor: Provided that the person shall be eligible to submit a resolution plan if such person makes payment of all overdue amounts with interest thereon and charges relating to non-performing asset accounts before submission of resolution plan; 4 [ Provided fu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... not apply to a person after the expiry of a period of two years from the date of his release from imprisonment: Provided further that this clause shall not apply in relation to a connected person referred to in clause (iii) of Explanation I; ] (e) is disqualified to act as a director under the Companies Act, 2013 (18 of 2013); 6 [ Provided that this clause shall not apply in relation to a connected person referred to in clause (iii) of Explanation I; ] (f) is prohibited by the Securities and Exchange Board of India from trading in securities or accessing the securities markets; (g) has been a promoter or in the management or control of a corporate debtor in which a preferential transaction, undervalued transaction, extort ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or in management or control of the business of the corporate debtor during the implementation of the resolution plan; or (iii) the holding company, subsidiary company, associate company or related party of a person referred to in clauses (i) and (ii): 12 [ Provided that nothing in clause (iii) of Explanation I shall apply to a resolution applicant where such applicant is a financial entity and is not a related party of the corporate debtor: Provided further that the expression related party shall not include a financial entity, regulated by a financial sector regulator, if it is a financial creditor of the corporate debtor and is a related party of the corporate debtor solely on account of conversion or substitution of debt int ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... with the Securities and Exchange Board of India; (f) such categories of persons as may be notified by the Central Government. ] ******************** Notes:- 1. As Inserted vide Insolvency And Bankruptcy Code (Amendment) Act, 2017 Dated 18-01-2018 2. Substituted vide Insolvency and Bankruptcy Code (Second Amendment) Act, 2018 w.e.f. 06-06-2018 before it was read as has an account 3. Inserted vide Insolvency and Bankruptcy Code (Second Amendment) Act, 2018 w.e.f. 06-06-2018 4. Inserted vide Insolvency and Bankruptcy Code (Second Amendment) Act, 2018 w.e.f. 06-06-2018 5. Substituted vide Insolvency and Bankruptcy Code (Second Amendment) Act, 2018 w.e.f. 06-06-2018 before it ..... X X X X Extracts X X X X X X X X Extracts X X X X
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