Insolvency application requirements are revised as section 10 adds broader information disclosure and mandates written reasons for delay. Section 10 is amended to expand the information required with an application, omit clause (b) in sub-section (3), and remove references to pending disciplinary proceedings against the proposed resolution professional from sub-section (4). A further proviso requires the Adjudicating Authority to record written reasons if no order is passed within fourteen days of receipt of the application.
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Provisions expressly mentioned in the judgment/order text.
Insolvency application requirements are revised as section 10 adds broader information disclosure and mandates written reasons for delay.
Section 10 is amended to expand the information required with an application, omit clause (b) in sub-section (3), and remove references to pending disciplinary proceedings against the proposed resolution professional from sub-section (4). A further proviso requires the Adjudicating Authority to record written reasons if no order is passed within fourteen days of receipt of the application.
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