TMI BlogInitiation of corporate insolvency resolution process by financial creditor.X X X X Extracts X X X X X X X X Extracts X X X X ..... her person on behalf of the financial creditor, as may be notified by the Central Government, ] may file an application for initiating corporate insolvency resolution process against a corporate debtor before the Adjudicating Authority when a default has occurred. 3 [ Provided that for the financial creditors, referred to in clauses (a) and (b) of sub-section (6A) of section 21, an applicati ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... process against a corporate debtor has been filed by a financial creditor referred to in the first and second provisos and has not been admitted by the Adjudicating Authority before the commencement of the Insolvency and Bankruptcy Code (Amendment) Act, 2020, such application shall be modified to comply with the requirements of the first or second proviso within thirty days of the commencement of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... c) any other information as may be specified by the Board. (4) The Adjudicating Authority shall, within fourteen days of the receipt of the application under sub-section (2), ascertain the existence of a default from the records of an information utility or on the basis of other evidence furnished by the financial creditor under sub-section (3). 2 [ Provided that if the Adjudicating Author ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e to the applicant to rectify the defect in his application within seven days of receipt of such notice from the Adjudicating Authority. (6) The corporate insolvency resolution process shall commence from the date of admission of the application under sub-section (5). (7) The Adjudicating Authority shall communicate- (a) the order under clause (a) of sub-section (5) to the financial credi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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