Admission or rejection of insolvency applications: authority must admit or reject and enable negotiations when admitted. The Adjudicating Authority must, within a prescribed short period after receipt of the resolution professional's report, admit or reject the insolvency application. On admission it may direct negotiations between debtor and creditors and assist in forming a repayment plan at the resolution professional's request. The Authority must provide creditors with the order, the professional's report and the initiating application within a further short period. If rejection rests on a finding that the application was made to defraud creditors or the resolution professional, the order must state the creditor's entitlement to file for a bankruptcy order under Chapter IV.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Admission or rejection of insolvency applications: authority must admit or reject and enable negotiations when admitted.
The Adjudicating Authority must, within a prescribed short period after receipt of the resolution professional's report, admit or reject the insolvency application. On admission it may direct negotiations between debtor and creditors and assist in forming a repayment plan at the resolution professional's request. The Authority must provide creditors with the order, the professional's report and the initiating application within a further short period. If rejection rests on a finding that the application was made to defraud creditors or the resolution professional, the order must state the creditor's entitlement to file for a bankruptcy order under Chapter IV.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
AI OCR ✕
of 
TaxTMI 
TaxTMI 
