The Insolvency and Bankruptcy Board of India (IBBI) emphasises that eligibility checks under Section 29A of the IBC are critical to maintain integrity of the corporate insolvency resolution process (CIRP). The circular reminds resolution professionals (RPs) and prospective resolution applicants (PRAs) of their statutory obligations under the Code and the IBBI regulations.

• RPs must include a detailed note on Section 29A compliance before the Committee of Creditors (CoC) when resolution plans are considered.
• CoC deliberations and observations on eligibility must be properly documented in meeting minutes.
• Ensure that:
  • Form G submitted by RP mentions the ineligibility criteria under Section 29A.
  • PRAs submit undertakings with the Expression of Interest confirming they are not ineligible.
  • RPs verify due diligence under Regulation 36A(8) to confirm PRA compliance with Section 29A.
  • Compliance Certificate (Form H) from RP confirms the affidavit and attaches a due diligence certificate.