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    Question

    Who are the persons who are not eligible to make an

    application for the initiation of the corporate insolvency resolution process under the IBC?
    A Financial creditor Correct Answer Incorrect Answer
    B Operational creditor Correct Answer Incorrect Answer
    C Corporate debtor Correct Answer Incorrect Answer
    D Corporate debtor in respect of whom a liquidation order has been made Correct Answer Incorrect Answer
    E All a, b & c Correct Answer Incorrect Answer

    Solution

    Section 11-Persons not entitled to make application: The following persons shall not be entitled to make an application to initiate corporate insolvency resolution process under this Chapter, namely:— (a) a corporate debtor undergoing a corporate insolvency resolution process or a prepackaged insolvency resolution process; or (aa) a financial creditor or an operational creditor of a corporate debtor undergoing a prepackaged insolvency resolution process; or (b) a corporate debtor having completed corporate insolvency resolution process twelve months preceding the date of making of the application; or (ba) a corporate debtor in respect of whom a resolution plan has been approved under Chapter III-A, twelve months preceding the date of making of the application; or (c) a corporate debtor or a financial creditor who has violated any of the terms of resolution plan which was approved twelve months before the date of making of an application under this Chapter; or (d) a corporate debtor in respect of whom a liquidation order has been made.

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