Provided that nothing in clause (iii) of Explanation I shall apply to a resolution applicant where such appli… — THE INSOLVENCY AND BANKRUPTCY CODE, 2016 Last Update 18-8-2021

[Provided that nothing in clause (iii) of Explanation I shall apply to a resolution applicant where such applicant is a financial entity and is not a related party of the corporate debtor:

6 [Provided that nothing in clause (iii) of Explanation I shall apply to a resolution applicant where such applicant is a financial entity and is not a related party of the corporate debtor: Provided further that the expression " related party " shall not include a financial entity, regulated by a financial sector regulator, if it is a financial creditor of the corporate debtor and is a related party of the corporate debtor solely on account of conversion or substitution of debt into equity shares or instruments convertible into equity shares 7 [or completion of such transactions as may be prescribed , ] prior to the insolvency commencement date;]

Section 6