Initiation of corporate insolvency resolution process by corporate applicant [ Section 10 ]

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....ner of the CD who is authorized to make an application for a CIRP under the constitutional document of the CD; * (c) an individual in charge of managing the operations and resources of the CD; or * (d) a person who has control and supervision over the financial affairs of the CD. Filling of Application Form [ Section 10(2) ] * The application under section 10(1) shall be filed in such form, containing such particulars and in such manner and accompanied with such fee as may be prescribed. * Application by corporate applicant - Rule 7 The Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 * The application shall be made in Form 6, accompanied with documents and records required therein and as specified in....

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....mission or Rejection of Application by the Adjudicating authority [ Section 10(4) ] * As in the case of an OC, once the corporate applicant has furnished the prescribed information, the AA shall, under section 10(4) of the IBC, The Adjudicating Authority shall, within a period of 14 days of the receipt of the application, by an order- * admit the application, if it is complete; or and no disciplinary proceeding is pending against the proposed resolution professional * reject the application, if it is incomplete or any disciplinary proceeding is pending against the proposed resolution professional. * Time Limit to rectify the defects in application * Provided that Adjudicating Authority shall, before rejecting an application, give ....

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.... Limitation Act, "as far as may be." Therefore, where periods of limitation have been laid down in the IBC, they will apply notwithstanding anything to the contrary contained in the Limitation Act. * In Babulal Vardharji Gurjar Vs. Veer Gurjar Aluminium Industries Private Limited & Another - SC dated 14.08.2020 * The Supreme Court examined the limitation period for filing section 7 applications and observed: * The period of limitation for an application to initiate a CIRP under section 7 of the IBC is governed by article 137 of the Limitation Act and is, therefore, three years from the date when the right to apply accrues. * The right to apply under the IBC accrues on the date when the default occurs. If the default had occurred ov....