Section 29A — disqualifications for resolution applicants
Bars wilful defaulters, NPA promoters (1 year+), undischarged insolvents, disqualified directors and related parties from submitting resolution plans.
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Corporate Insolvency Resolution Process (CIRP) — overview and timeline
Operational/financial creditor or corporate debtor files §7/§9/§10. NCLT admits → IRP appointed → CoC formed → 180+90 days (extendable to 330) to approve resolution plan.
Difference between Financial Creditor and Operational Creditor under IBC
Financial creditor: lender / debt with time-value (interest). Operational creditor: dues for goods/services, employees, tax. Different CIRP rights and CoC representation.
Role of Resolution Professional (RP) during CIRP
RP takes over management of corporate debtor, preserves assets, runs the company as a going concern, invites resolution plans and reports to CoC.
Liquidation under IBC — when and how
Triggered if CoC resolves with 66% vote, no plan approved within timelines, or plan is rejected. Liquidator distributes per §53 waterfall.
Pre-Packaged Insolvency Resolution Process (PPIRP) for MSMEs
Available only to corporate MSMEs. Debtor-in-possession with RP supervision; 120-day timeline; base resolution plan + Swiss challenge.