Section 29A of IBC

Section 29A of IBC

Section 29A of the IBC bars certain persons or any other person acting jointly or in concert with such person from submitting a resolution plan for acquiring stressed assets. Disqualified persons includes an undischarged insolvent, wilful defaulter, corporate debtor holding a NPA account for atleast 1 year from the date of such classification till the date of commencement of insolvency proceedings. Persons convicted of any punishable offence or prohibited by SEBI from trading in securities or disqualified to act as a director under the Companies Act, 2013 are also barred from bidding as resolution applicants under IBC.