Bankruptcy application by debtor permits submission of insolvency records and trustee nomination, subject to adjudicating authority approval. An application by a debtor for bankruptcy must include the record of the insolvency resolution process, a prescribed statement of affairs as at the application date, and a copy of the Adjudicating Authority's order permitting the debtor to apply; the debtor may propose an insolvency professional as bankruptcy trustee, the application must follow prescribed form, manner and fee, and it may not be withdrawn without leave of the Adjudicating Authority.
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.
Bankruptcy application by debtor permits submission of insolvency records and trustee nomination, subject to adjudicating authority approval.
An application by a debtor for bankruptcy must include the record of the insolvency resolution process, a prescribed statement of affairs as at the application date, and a copy of the Adjudicating Authority's order permitting the debtor to apply; the debtor may propose an insolvency professional as bankruptcy trustee, the application must follow prescribed form, manner and fee, and it may not be withdrawn without leave of the Adjudicating Authority.
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