Application procedure and promoter restrictions clarified, specifying form and conditions for filings before the adjudicating authority. Amendment adds two clauses to section 239(2): one empowering rules to prescribe form, particulars, manner and fee for applications before the Adjudicating Authority under s.54C(2); the other empowering rules to set conditions and restrictions on how promoters, members, personnel and partners of the corporate debtor exercise or discharge contractual or statutory rights under clause (c) of s.54H.
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Application procedure and promoter restrictions clarified, specifying form and conditions for filings before the adjudicating authority.
Amendment adds two clauses to section 239(2): one empowering rules to prescribe form, particulars, manner and fee for applications before the Adjudicating Authority under s.54C(2); the other empowering rules to set conditions and restrictions on how promoters, members, personnel and partners of the corporate debtor exercise or discharge contractual or statutory rights under clause (c) of s.54H.
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