11.Persons not entitled to make application

11. 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 ³ [or a prepackaged insolvency resolution process]; or

³[(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

³[(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

¹[Explanation I.—For the purposes of this section, a corporate debtor includes a corporate applicant in respect of such corporate debtor.]

²[Explanation II.- For the purposes of this section, it is hereby clarified that nothing in this section shall prevent a corporate debtor referred to in clauses (a) to (d) from initiating corporate insolvency resolution process against another corporate debtor.]

Note:-

1. Instered by Amendment:- The Insolvency And Bankruptcy Code (Amendment) Ordinance Act, 2019. 

2. Instered by Amendment:- The Insolvency And Bankruptcy Code (Amendment) Ordinance Act, 2019. 

3. Instered by Amendment:- The Insolvency And Bankruptcy Code (Amendment) Ordinance Act, 2021 dated 04.04.2021 (This ordinance is replaced by The insolvency and Bankrupcy code (Amendment) Act, 2021 w.e.f  04.04.2021.)