Section 29A of IBC : Section 29A: Person Not Eligible To Be Resolution Applicant

IBC

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Explanation using Example

Let's consider a hypothetical scenario to understand the application of Section 29A of the Insolvency and Bankruptcy Code, 2016:

Imagine a company, ABC Ltd., which is undergoing insolvency proceedings. A resolution plan is required to resolve the company's debt and revive its operations. Mr. X, who is a former director of a company that was recently declared a wilful defaulter by the RBI, is interested in submitting a resolution plan for ABC Ltd.

Under Section 29A(b), Mr. X is not eligible to submit a resolution plan for ABC Ltd. beca...

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