December 6, 2023

Management of affairs of corporate debtor by interim resolution professional. (1) From the date of appointment of the interim resolution professional, – (a) the management of the affairs of the corporate debtor shall vest in the interim resolution professional; (b) the powers of the board of directors or the partners of the corporate debtor, as the case may be, shall […]

Appointment and tenure of interim resolution professional (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 be, the resolution professional, as proposed respectively in the application under section 7 or section 10, shall be appointed as the interim resolution

Public announcement of corporate insolvency resolution process. (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; (b) name of the authority with which the corporate debtor is incorporated or registered; (c)

Moratorium (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 institution of suits or continuation of pending suits or proceedings against the corporate debtor including execution of any judgement, decree or order in any court of law, tribunal, arbitration panel

Declaration of moratorium and public announcement (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 initiation of corporate insolvency resolution process and call for the submission of claims under section 15; and

Withdrawal of application admitted under section 7, 9 or 10. – 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 cent. voting share of the committee of creditors, in such manner as may be specified.]   Amendment 1Ins. by Act No. 26 of

Time-limit for completion of insolvency resolution process (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 professional shall file an application to the Adjudicating Authority to extend the period of the

Disposal of applications under section 54C and under section 7 or section 9 or section 10. (1) Where an application filed under section 54C is pending, the Adjudicating Authority shall pass an order to admit or reject such application, before considering any application filed under section 7 or section 9 or section 10 during the pendency of such application under section 54C,

Persons not entitled to make application 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 1[or a pre-packaged insolvency resolution process]; or 2[(aa) a financial creditor or an operational creditor of a corporate debtor undergoing a