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Persons Not Eligible To Be Resolution Applicant: Section 29A - IBC


 


Mahesh Parimi, Jagarlamudi Chandramouli College of Law (JCCL), Guntur


ABSTRACT


Section 29A of the Insolvency and Bankruptcy Code, 2016, serves as a gatekeeping provision that restricts ineligible persons, including defaulting promoters and connected parties, from submitting resolution plans during the Corporate Insolvency Resolution Process (CIRP). Introduced to uphold the integrity of the resolution process, it ensures that those responsible for a corporate debtor’s financial distress do not regain control. This paper analyses the legislative intent, judicial interpretations, layered structure of ineligibility, and practical limitations of Section 29A. It concludes by highlighting the need for a more nuanced and balanced application to protect both the resolution process and stakeholder interests.


Keywords: Insolvency and Bankruptcy Code, Section 29A, Corporate Insolvency Resolution Process, Resolution Applicant, Disqualification, Promoters, Connected Persons, Related Party, Resolution Professional, Economic Viability, Clean Slate Principle.




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Indian Journal of Law and Legal Research

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Abbreviation: IJLLR

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ISSN: 2582-8878

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Website: www.ijllr.com

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Accessibility: Open Access

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License: Creative Commons 4.0

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All research articles published in The Indian Journal of Law and Legal Research are fully open access. i.e. immediately freely available to read, download and share. Articles are published under the terms of a Creative Commons license which permits use, distribution and reproduction in any medium, provided the original work is properly cited.

 

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The opinions expressed in this publication are those of the authors. They do not purport to reflect the opinions or views of the IJLLR or its members. The designations employed in this publication and the presentation of material therein do not imply the expression of any opinion whatsoever on the part of the IJLLR.

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