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Insolvency and BankruptcyFebruary 10, 2021Case LawsSC
Initiation of CIRP - Cut of date for deferring IBC provisions due to COVID-19 - Financial Distress or not - The date of the initiation of the CIRP is the date on which a financial creditor, operational creditor or corporate applicant makes an application to the adjudicating authority for initiating the process. On the other hand, the insolvency commencement date is the date of the admission of the application. This distinction is also evident from the provisions of sub-section (6) of Section 7, sub-section (6) of Section 9 and sub-section (5) of Section 10. - SC
Initiation of CIRP - Cut of date for deferring IBC provisions due to COVID-19 - Financial Distress or not - The date of the initiation of the CIRP is the date on which a financial creditor, operational creditor or corporate applicant makes an application to the adjudicating authority for initiating the process. On the other hand, the insolvency commencement date is the date of the admission of the application. This distinction is also evident from the provisions of sub-section (6) of Section 7, sub-section (6) of Section 9 and sub-section (5) of Section 10. - SC
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