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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Resolution Professional to Review Section 80 Application in 10 Days, Recommend Acceptance or Rejection, Detail Debts and Liabilities</h1> The resolution professional must review an application under Section 80 of the Insolvency and Bankruptcy Code within ten days of appointment and report to the Adjudicating Authority, recommending acceptance or rejection. The report should detail qualifying debts and liabilities eligible for discharge. The professional may request additional information from the debtor or others, which must be provided within seven days. The application is presumed valid if the debtor is unable to pay debts without any contrary evidence. The application is rejected if conditions under Section 80 are unmet, debts are non-qualifying, or false information is provided. Reasons for the decision must be documented and shared with the debtor.
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