Section 58A

(1) A creditor-initiated insolvency resolution process may be initiated in respect of the following corporate debtors under

this Chapter, namely:–– (a) a corporate debtor with assets or income or both, below such levels; (b) a corporate debtor with such class of creditors or such amount of debt; or (c) such other category of corporate debtors, as may be notified by the Central Government. (2) Without prejudice to sub-section (1), a creditor-initiated insolvency resolution process shall not be initiated in respect of a corporate debtor–– (a) for which an insolvency resolution or liquidation proceeding has been commenced and is still undergoing under the provisions of Part II; and (b) that has undergone a creditor-initiated insolvency resolution process, pre-packaged insolvency resolution process or completed a corporate insolvency resolution process, during the period of three years preceding the creditor- initiated insolvency commencement date.