Application against decision of resolution professional Section 87: Application against decision of resolution professional. 87. (1) The debtor or the creditor who is aggrieved by the action taken by the resolution professional under section 86 may, within ten days of such decision, make an application to the Adjudicating Authority challenging such action on any of … Read more

Objections by creditor and their examination by resolution professional Section 86: Objections by creditor and their examination by resolution professional. 86. (1) Any creditor mentioned in the order of the Adjudicating Authority under section 84 to whom a qualifying debt is owed may, within a period of ten days from the date of receipt of … Read more

Effect of admission of application Section 85: Effect of admission of application. 85. (1) On the date of admission of the application, the moratorium period shall commence in respect of all the debts. (2) During the moratorium period— (a) any pending legal action or legal proceeding in respect of any debt shall be deemed to … Read more

Admission or rejection of application by Adjudicating Authority Section 84: Admission or rejection of application by Adjudicating Authority. 84. (1) The Adjudicating Authority may, within fourteen days from the date of submission of the report by the resolution professional, pass an order either admitting or rejecting the application made under sub-section (1) of section 81. … Read more

Examination of application by resolution professional Section 83: Examination of application by resolution professional. 83. (1) The resolution professional shall examine the application made under section 80 within ten days of his appointment, and submit a report to the Adjudicating Authority, either recommending acceptance or rejection of the application. (2) The report referred to in … Read more

Appointment of resolution professional Section 82: Appointment of resolution professional. 82. (1) Where an application under section 80 is filed by the debtor through a resolution professional, the Adjudicating Authority shall direct the Board within seven days of the date of receipt of the application and shall seek confirmation from the Board that there are … Read more

Application for fresh start order Section 81: Application for fresh start order. 81. (1) When an application is filed under section 80 by a debtor, an interim-moratorium shall commence on the date of filing of said application in relation to all the debts and shall cease to have effect on the date of admission or … Read more

Eligibility for making an application Section 80: Eligibility for making an application. 80. (1) A debtor, who is unable to pay his debt and fulfils the conditions specified in sub-section (2), shall be entitled to make an application for a fresh start for discharge of his qualifying debt under this Chapter. (2) A debtor may … Read more

Definitions of Part-III Section 79: Definitions. *79. In this Part, unless the context otherwise requires,— (1) “Adjudicating Authority” means the Debt Recovery Tribunal constituted under sub-section (1) of section 3 of the Recovery of Debts Due to Banks and Financial Institutions Act, 1993; (2) “associate” of the debtor means— (a) a person who belongs to … Read more

Application of Part-III Section 78: Application. *78. This Part shall apply to matters relating to fresh start, insolvency and bankruptcy of individuals and partnership firms where the amount of the default is not less than one thousand rupees: Provided that the Central Government may, by notification, specify the minimum amount of default of higher value … Read more