Corporate insolvency resolution suspension limits resolution professional applications under section 66 for defaults covered by the statutory bar. A new section 66(3) bars a resolution professional from filing an application under section 66(2) in respect of a default for which initiation of the ... Summary
Corporate insolvency resolution suspension limits resolution professional applications under section 66 for defaults covered by the statutory bar.
A new section 66(3) bars a resolution professional from filing an application under section 66(2) in respect of a default for which initiation of the corporate insolvency resolution process is suspended under section 10A. The amendment creates a statutory restriction on applications relating to suspended defaults and confines the operation of section 66(2) accordingly.
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