Priority of section 54C applications requires their disposal before insolvency petitions filed later, subject to a fourteen day rule.

An Adjudicating Authority must admit or reject a pending section 54C application before considering any petition under section 7, section 9 or section 10 for the same corporate debtor. If a section 54C application is filed within fourteen days of an existing petition under sections 7, 9 or 10, the section 54C application takes priority; if filed after fourteen days, the earlier petition takes priority. The priority rules do not apply to petitions already pending on the amendment's commencement.

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