In force · As amended up to 2026-08
THE ELEVENTH SCHEDULE
( See section 255) AMENDMENTS TO THE COMPANIES ACT, 2013 (18 OF 2013)
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[2] [or a pre-packaged insolvency resolution process]; or
2 [(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
2[(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.
3[ Explanation I].—For the purposes of this section, a corporate debtor includes a corporate applicant in respect of such corporate debtor.
4[ 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.]
5[11A. Disposal of applications under section 54C and under section 7 or section 9 or section
10 . — (1) Where an application filed under section 54C is pending, the Adjudicating Authority shall pass an order to admit or reject such application, before considering any application filed under section 7 or section 9 or section 10 during the pendency of such application under section 54C, in respect of the same corporate debtor.
(2) Where an application under section 54C is filed within fourteen days of filing of any application under section 7 or section 9 or section 10, which is pending, in respect of the same corporate debtor, then, notwithstanding anything contained in sections 7, 9 and 10, the Adjudicating Authority shall first dispose of the application under section 54C.
1. Ins. by Act 17 of 2020, s. 2 (w.e.f. 5-6-2020).
2. Ins. by Act 26 of 2021, s. 4 (w.e.f. 4-4-2021).
"271. Circumstances in which company may be wound up by Tribunal
11. For section 271, the following section shall be substituted, namely:—
"271. Circumstances in which company may be wound up by Tribunal.—A company may, on a petition under section 272, be wound up by the Tribunal,—
(a) if the company has, by special resolution, resolved that the company be wound up by the Tribunal;
(b) if the company has acted against the interests of the sovereignty and integrity of India, the security of the State, friendly relations with foreign States, public order, decency or morality;
(c) if on an application made by the Registrar or any other person authorised by the Central Government by notification under this Act, the Tribunal is of the opinion that the affairs of the company have been conducted in a fraudulent manner or the company was formed for fraudulent and unlawful purpose or the persons concerned in the formation or management of its affairs have been guilty of fraud, misfeasance or misconduct in connection therewith and that it is proper that the company be wound up;
(d) if the company has made a default in filing with the Registrar its financial statements or annual returns for immediately preceding five consecutive financial years; or
(e) if the Tribunal is of the opinion that it is just and equitable that the company should be wound up.".
Source: India Code