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TMI BlogInitiation of corporate insolvency resolution process by corporate applicant [ Section 10 ]X X X X Extracts X X X X X X X X Extracts X X X X ..... BC as: (a) the CD; (b) a member or partner of the CD who is authorized to make an application for a CIRP under the constitutional document of the CD; (c) an individual in charge of managing the operations and resources of the CD; or (d) a person who has control and supervision over the financial affairs of the CD. Filling of Application Form [ Section 10(2) ] The application under section 10(1) shall be filed in such form, containing such particulars and in such manner and accompanied with such fee as may be prescribed. Ap p l i c a t i on by corporate applicant Rule 7 The Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 The a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and draft of 25,000 Indian rupees favoring the Pay and Accounts Officer, Ministry of Corporate Affairs, payable in Mumbai, New Delhi, Kolkata, or Chennai Admission or Rejection of Application by the Adjudicating authority [ Section 10(4) ] As in the case of an OC, once the corporate applicant has furnished the prescribed information, the AA shall, under section 10(4) of the IBC, The Adjudicating Authority shall, within a period of 14 days of the receipt of the application, by an order- admit the application , if it is complete; or and no disciplinary proceeding is pending against the proposed resolution professional reject the application , if it is incomplete or any disciplinary proceeding is ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed more than three years before the date of filing the application, it would be barred by section 137, except in cases where the delay can be condoned under section 5 of the Limitation Act. It also held that section 238A of the Code should apply the provisions of the Limitation Act, as far as may be. Therefore, where periods of limitation have been laid down in the IBC, they will apply notwithstanding anything to the contrary contained in the Limitation Act. In Babulal Vardharji Gurjar Vs. Veer Gurjar Aluminium Industries Private Limited Another - SC dated 14.08.2020 The Supreme Court examined the limitation period for filing section 7 applications and observed: The period of limitation for an app ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tion of the FC is barred by limitation, no proceedings undertaken after the order of admission could be of any effect. In M/s. Unigreen Global Private Limited Vs. Punjab National Bank and Others - NCLAT dated 01.12.2017 The NCLAT examined the scope of discretion available to an AA in admitting or rejecting a section 10 application. The NCLAT held that the AA must admit an application filed by a CD to initiate a CIRP if it is satisfied that: the default has occurred, the application is complete, and the CD is not barred under section 11 of the IBC. Facts unrelated to or beyond the requirement of the IBC or the forms prescribed cannot amount to suppression of facts and cannot be ..... X X X X Extracts X X X X X X X X Extracts X X X X
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