Appointment and tenure of interim resolution professional Section 16: Appointment and tenure of interim resolution professional. *16. (1) The Adjudicating Authority shall appoint an interim resolution professional 1[on the insolvency commencement date]. (2) Where the application for corporate insolvency resolution process is made by a financial creditor or the corporate debtor, as the case may … Read more

Public announcement of corporate insolvency resolution process Section 15: Public announcement of corporate insolvency resolution process. *15. (1) The public announcement of the corporate insolvency resolution process under the order referred to in section 13 shall contain the following information, namely:— (a) name and address of the corporate debtor under the corporate insolvency resolution process; … Read more

Moratorium Section 14: MoratoriumJ1. *14. (1) Subject to provisions of sub-sections (2) and (3), on the insolvency commencement date, the Adjudicating Authority shall by order declare moratorium for prohibiting all of the following, namely:— (a) the institutionJ2 of suits or continuation of pending suits or proceedings against the corporate debtor including execution of any judgment, … Read more

Declaration of moratorium and public announcement Section 13: Declaration of moratorium and public announcement. *13. (1) The Adjudicating Authority, after admission of the application under section 7 or section 9 or section 10, shall, by an order—(a) declare a moratorium for the purposes referred to in section 14; (b) cause a public announcement of the … Read more

Withdrawal of application admitted under section 7, 9 or 10 Section 12A: Withdrawal of application admitted under section 7, 9 or 10. 1[12A. The Adjudicating Authority may allow the withdrawal of application admitted under section 7 or section 9 or section 10, on an application made by the applicant with the approval of ninety per … Read more

Time limit for completion of insolvency resolution process Section 12: Time-limit for completion of insolvency resolution process. *12. (1) Subject to sub-section (2), the corporate insolvency resolution process shall be completed within a period of one hundred and eighty days from the date of admission of the application to initiate such process. (2) The resolution … Read more

Disposal of applications under section 54C and under section 7 or section 9 or Section 11A: Disposal of applications under section 54C and under section 7 or section 9 or section 10. 1[11A. (1) Where an application filed under section 54C is pending, the Adjudicating Authority shall pass an order to admit or reject such … Read more

Persons not entitled to make application Section 11: Persons not entitled to make application. *11. The following persons shall not be entitled to make an application to initiate corporate insolvency resolution process under this Chapter, namely:— (a) a corporate debtor undergoing a corporate insolvency resolution process or a pre-packaged insolvency resolution process; or (aa) a … Read more

Suspension of initiation of corporate insolvency resolution process. Section 10A: Suspension of initiation of corporate insolvency resolution process. 1[10A. Notwithstanding anything contained in sections 7, 9 and 10, no application for initiation of corporate insolvency resolution process of a corporate debtor shall be filed, for any default arising on or after 25th March, 2020 for … Read more

Initiation of corporate insolvency resolution process by corporate applicant Section 10: Initiation of corporate insolvency resolution process by corporate applicant. *10. (1) Where a corporate debtor has committed a default, a corporate applicant thereof may file an application for initiating corporate insolvency resolution process with the Adjudicating Authority. (2) The application under sub-section (1) shall … Read more