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Insolvency and Bankruptcy Code 2016 CONTOURS OF SECTION 29A
October 2023
|Indian Economy & Market
The enactment of the Insolvency and Bankruptcy Code, 2016 (IBC) was a watershed moment in India's legal landscape, aimed at providing a comprehensive framework for the resolution of insolvent companies and individuals.
Among its various provisions, Section 29A of the IBC has emerged as a pivotal tool in maintaining the integrity and credibility of the insolvency process. Here I would delve into the contours of Section 29A in the light of significant judgments delivered by the Supreme Court of India.
Understanding Section 29A
Section 29A of the IBC sets forth the eligibility criteria for individuals and entities seeking to participate in the insolvency resolution process. The key elements of this provision can be summarized as follows:
Disqualifications: Section 29A enlists various disqualifications that render an applicant ineligible to be a resolution applicant. Some of the disqualifications include: Undischarged insolvents, Wilful defaulters, Persons convicted of certain offenses, Promoters or management of companies with outstanding non-performing assets and Persons disqualified by relevant authorities.
Related Parties: The provision also extends the disqualifications to related parties of the ineligible entities, preventing them from indirectly participating in the resolution process.
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