Insolvency application requirements amended with broader information disclosure and written reasons required for adjudication delay.

Section 9 of the Insolvency and Bankruptcy Code is amended to revise the information requirement in an operational creditor's application and to add a time-bound recording obligation for delayed adjudication. The reference to "such other information, as may be prescribed" is replaced with "any other information, as may be specified," and a further proviso requires the Adjudicating Authority to record written reasons if no order is passed within fourteen days from receipt of the application.

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