9911796707
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 ..... editor, 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 application for initiating corporate insolvency resolutio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 the said Act, failing which the application shall be ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 Authority has not ascertained the existence of default and passed an order under ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ceipt 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 creditor and the corporate debtor; (b) the order under clause (b) of sub-section (5) to the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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