Module: General Practice
Q132: Section 29A of the IBC renders certain persons ineligible to be Resolution Applicants. Which of the following is NOT a ground for disqualification under Section 29A?
✅ Correct Answer: D
Section 29A Intent: This section prevents "backdoor entry" of defaulting promoters buying back their own assets at a discount.
Disqualifications: A, B, and C are valid grounds for disqualification.
A wilful defaulter, a convict for specific offences, or a person connected to an NPA account held for over one year cannot bid.
The Exception: Merely serving as a director is not a disqualification.
Section 29A focuses on malfeasance or connection to default, not general board service.
Disqualifications: A, B, and C are valid grounds for disqualification.
A wilful defaulter, a convict for specific offences, or a person connected to an NPA account held for over one year cannot bid.
The Exception: Merely serving as a director is not a disqualification.
Section 29A focuses on malfeasance or connection to default, not general board service.