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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CS
Company Secretary interview questions
12 questions available.
Difficulty
Conversion of debt to equity — regulatory framework
Banks convert debt to equity under SDR, S4A or strategic restructuring; FEMA permits FCCB / ECB conversion. Listed entities follow ICDR pricing norms.
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Compromise with creditors outside IBC
Pre-pack restructuring under §230-232 compromise scheme; preserves management; cheaper / faster than NCLT-supervised CIRP for stressed assets.
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Personal Guarantor insolvency — Part III of IBC
Personal guarantors to corporate debtors can be admitted into insolvency under §94/95. Adjudicating authority is NCLT (concurrent with corporate debtor).
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Cross-border insolvency under IBC — Section 234 and 235
§234 enables bilateral agreements with other countries; §235 lets NCLT request foreign courts. Draft Part Z (UNCITRAL Model Law) pending enactment.
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Avoidance transactions under IBC — preferential, undervalued, fraudulent
RP/Liquidator can apply to NCLT to set aside transactions made within look-back periods (1-2 years) that benefit related parties or defraud creditors.
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Moratorium under Section 14 of IBC
On CIRP admission, NCLT imposes moratorium: no suits, recovery, asset transfer, or termination of essential services against corporate debtor.
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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.
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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.
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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.
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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.
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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.
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