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of <h1>Amendment to Section 7 of Insolvency Code: Adjudicating Authority must give reasons for delay in default orders.</h1> Section 7 of the Insolvency and Bankruptcy Code is amended to include a proviso in sub-section (4). This proviso mandates that if the Adjudicating Authority fails to ascertain the existence of a default and issue an order under sub-section (5) within the prescribed time, it must provide written reasons for the delay.
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