Admission of CP in NCLT Court

[hiren shah]

Would like to know as what is the normal procedure to admit the CP in NCLT Court, is the petition is admitted at the time of filling the company petition or once the tribunal/Hon Judge allows to admit??? Can anyone guide us on this matter/issue and also when the advertisement in the local newspaper can be given by the operational creditors on operational debtors under sec 9 of IBC??

AI Summary

Procedure for Admitting Company Petition: Issuing Demand Notice, Filing Application Under Section 9 of Insolvency Code A query was raised regarding the procedure for admitting a company petition (CP) in the National Company Law Tribunal (NCLT). The response outlined the process for an operational creditor under Section 9 of the Insolvency and Bankruptcy Code (IBC). It involves issuing a demand notice to the corporate debtor, who must respond within ten days. If unresolved, the creditor may file an application with the NCLT, including required documents and a fee. The tribunal will admit the application within fourteen days if all conditions are met, such as completeness, lack of dispute notice, and no pending disciplinary actions against the proposed resolution professional.