Section 11 of IBC : Section 11: Persons Not Entitled To Make Application

IBC

JavaScript did not load properly

Some content might be missing or broken. Please try disabling content blockers or use a different browser like Chrome, Safari or Firefox.

Explanation using Example

Imagine a company, XYZ Pvt. Ltd., which has been facing financial difficulties. Six months ago, XYZ Pvt. Ltd. underwent a corporate insolvency resolution process (CIRP), and a resolution plan was approved by its creditors. Now, XYZ Pvt. Ltd. is facing financial troubles again and wishes to initiate a new CIRP to resolve its debts. However, according to Section 11 of The Insolvency and Bankruptcy Code, 2016, XYZ Pvt. Ltd. cannot initiate a new CIRP because it is still within the twelve-month period following the approval of the previous resolution plan. Therefore, XYZ Pvt. Ltd. must wait another six months before it is eligible to apply for another CIRP.

Update: Discover how KanoonGPT revolutionizes legal research! Watch our demo video on the homepage to see how you can chat with various legal sections using our innovative hybrid AI search. Enjoy free unlimited AI access for a limited time!
Update: Our AI tools are cooking — and they are almost ready to serve! Stay hungry — your invite to the table is coming soon.

Download Digital Bare Acts on mobile or tablet with "Kanoon Library" app

Kanoon Library Android App - Play Store LinkKanoon Library iOS App - App Store Link