https://www.taxtmi.com/acts?id=53978 Amends section 7 of the Insolvency and Bankruptcy Code by omitting the proviso to sub-section (4) and substituting a new sub-section (5) governing admission or rejection of applications by the Adjudicating Authority. The new provision requires decision within fourteen days, permits rejection only for specified grounds, and requires notice to cure defects before rejection. It also records the delay in writing if no order is passed within fourteen days, bars rejection on any ground other than those specified once admission requirements are met, and treats an information utility record of default as sufficient to ascertain default. en-us Tue, 07 Apr 2026 12:44:19 +0530 Tue, 07 Apr 2026 12:44:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=53978 Amends section 7 of the Insolvency and Bankruptcy Code by omitting the proviso to sub-section (4) and substituting a new sub-section (5) governing admission or rejection of applications by the Adjudicating Authority. The new provision requires decision within fourteen days, permits rejection only for specified grounds, and requires notice to cure defects before rejection. It also records the delay in writing if no order is passed within fourteen days, bars rejection on any ground other than those specified once admission requirements are met, and treats an information utility record of default as sufficient to ascertain default. Act-Rules F. Acts / Amendment Acts Tue, 07 Apr 2026 12:44:19 +0530 https://www.taxtmi.com/acts?id=53978