Bankruptcy application by creditor: required documentation and separate treatment of secured and unsecured claims. An application by a creditor for a bankruptcy order must include records of the Chapter III insolvency resolution, the Chapter III order permitting the application, details of the debt as on the application date, prescribed information, and the prescribed form, manner and fee. For secured debts the creditor must either agree to give up security for the benefit of all creditors if a bankruptcy order is made, or state that the application concerns only the unsecured part and estimate its value; secured and unsecured parts are treated as separate debts.
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 creditor: required documentation and separate treatment of secured and unsecured claims.
An application by a creditor for a bankruptcy order must include records of the Chapter III insolvency resolution, the Chapter III order permitting the application, details of the debt as on the application date, prescribed information, and the prescribed form, manner and fee. For secured debts the creditor must either agree to give up security for the benefit of all creditors if a bankruptcy order is made, or state that the application concerns only the unsecured part and estimate its value; secured and unsecured parts are treated as separate debts.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.