Declaration of moratorium and public announcement [ Section 13 ] - Insolvency Resolution And Liquidation For Corporate Persons - IBC

Declaration of moratorium and public announcement Declaration of Moratorium [ Section 13(1)(a) Read with section 14 ] (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 (c) appoint an interim resolution professional in the manner as laid down in section 16 . Public Announcement [ Section 13(2) ] The public announcement referred to in Section 13(1)(b) shall be made immediately after the appointment of the interim resolution professional. Public announcement. - ( Regulation 6 - Insolvency and Bankruptcy Board of India (Insolvency Resolution Process For Corporate Persons) Regulations, 2016 ) (1) An insolvency professional shall make a public announcement immediately on his appointment as an interim resolution professional. Explanation : 'Immediately' means not later than three days from the date of his appointment. (2) The public announcement referred to in regulation 6(1) shall: (a) be in Form A of the Schedule-I; (b) be published- (i) in one English and one regional language newspaper with wide circulation at the location of the registered office and principal office, if any, of the corporate debtor and any other location where in the opinion of the interim resolution professional, the corporate debtor conducts material business operations; (ii) on the website, if any, of the corporate debtor; and (iii) on the website, if any, designated by the Board for the purpose, (ba) state where claim forms can be downloaded or obtained from, as the case may be; (bb) offer choice of three insolvency professionals identified under regulation 4A to act as the authorised representative of creditors in each class; and (c) provide the last date for submission of proofs of claim, which shall be fourteen days from the date of appointment of the interim resolution professional. (3) Who shall be bear the cost of public announcement The applicant shall bear the expenses of the public announcement which may be reimbursed by the committee to the extent it ratifies them.