Objections to creditor-initiated insolvency resolution process require timely application and may lead to void initiation or conversion. A corporate debtor may object to the commencement of a creditor-initiated insolvency resolution process by applying to the Adjudicating Authority within thirty days from the creditor-initiated insolvency commencement date, in the prescribed form, manner, and fee. The objection mechanism is confined to challenges based on absence of default or contravention of the statutory conditions governing initiation of the process. If the Adjudicating Authority is satisfied that no default occurred, or that both no default occurred and the initiation was in contravention of the governing provisions, it may declare the commencement of the process void ab initio.
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.
Objections to creditor-initiated insolvency resolution process require timely application and may lead to void initiation or conversion.
A corporate debtor may object to the commencement of a creditor-initiated insolvency resolution process by applying to the Adjudicating Authority within thirty days from the creditor-initiated insolvency commencement date, in the prescribed form, manner, and fee. The objection mechanism is confined to challenges based on absence of default or contravention of the statutory conditions governing initiation of the process. If the Adjudicating Authority is satisfied that no default occurred, or that both no default occurred and the initiation was in contravention of the governing provisions, it may declare the commencement of the process void ab initio.
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