The Insolvency and Bankruptcy Code (Amendment) Act, 2017, is based on an ordinance promulgated by the president on 23 November. It is intended to improve the credibility of the corporate insolvency resolution process (CIRP) and makes some ground-breaking changes with respect to the eligibility of resolution applicants, including promoters and persons connected to them.
Principal associate
SNG & Partners
With insertion of the new section 29A in the code, the following categories of persons have been disqualified from submitting a resolution plan: (a) undischarged insolvent; (b) wilful defaulter under Reserve Bank of India (RBI) guidelines; (c) person whose account has been classified as a non-performing asse…
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