Question: Who Cannot Be A Resolution Applicant?

Who is ineligible to be a resolution applicant?

Therefore, any company (including the promoters/persons in the management of or control of such company) which has its account classified as NPA for last 1 year will not be able to file a resolution plan however, the Code provides for a carve out that such person shall be eligible to submit the resolution plan if such ….

What is Section 29a?

Under Section 29A of the Building Act 1993, if an application is made to the relevant building surveyor for a building permit for the demolition of a building on land within the municipality, then report and consent of City of Melbourne must be obtained if: … the demolition is of any part of the facade of a building.

What is RFRP IBC?

“Resolution Plan Submission Date” has the meaning ascribed to the term in clause 1.2. 3 of this RFRP. … of Creditors which Resolution Plan shall be submitted by the Resolution Professional to the NCLT under Section 30(6) of the IBC read with Regulation 39 of CIRP Regulations for approval by the NCLT.

What happens after resolution plan is approved?

Once the resolution plan is approved by the Adjudicating Authority, the Corporate debtor is discharged and the said decision is binding on the creditor. Thus, the guarantor cannot be said to be discharged of its liability towards the creditor on the discharge of Principal Debtor’s liability under the IBC.

What is a resolution plan under IBC?

A resolution plan is a proposal that aims to provide a resolution to the problem of the corporate debtor’s insolvency and its consequent inability to pay off debts. It needs to be approved by the committee of creditors (“COC”), and comply with mandatory requirements prescribed in IBC.

What is Section 29a of IBC?

Section 29A was introduced in the Insolvency and Bankruptcy Code 2016 (IBC) in 2017 to prevent certain kinds of persons, painted tainted under the law, from becoming contenders to revive a company undergoing the Corporate Insolvency Resolution Process (CIRP) under the IBC.

What is a resolution plan?

A resolution plan is a comprehensive document, which details the characteristics of a bank and describes the preferred resolution strategy for that bank, including which resolution tools to apply.

What is resolution and recovery planning?

The term refers to planning by a financial institution and the authorities for the eventuality the firm suffers life-threatening losses. The standards state each firm should maintain a recovery plan that spells out what the management could do to keep the firm solvent. …

Who is a resolution applicant?

Resolution Applicant means a person who individually or jointly with any other person, submits a resolution plan to the resolution professional pursuant to the invitation made under clause (h) of sub-section (2) of Section 25. No changes to the IBC Ordinance have been made.

Can a promoter be a resolution applicant?

The Insolvency and Bankruptcy Code (IBC) 2016 in its preamble identifies itself as a law for reorganisation and resolution of companies. … Under it, promoters or persons who controlled the insolvent company cannot apply as resolution applicant.

Who can submit resolution plan IBC?

Proviso to Section 29A (C) Ineligibility to be a Resolution Applicant A person can be eligible to submit resolution plan if such person makes payment of all overdue amounts with interest thereon and charges relating to nonperforming asset accounts before submission of resolution plan.

What is Nclt resolution?

A plea for insolvency is submitted to the adjudicating authority (NCLT in case of corporate debtors) by financial or operation creditors or the corporate debtor itself. … following which the Corporate Insolvency Resolution process is initiated by the court.