You are appointed as Interim Resolution Professional in XYZ Ltd. under the Insolvency and Bankruptcy Code, 2016. State the time limit to make Public Announcement? Also state the protocol for issuance of public notice. Wh

Time limit for making public announcement As per Section 13 of the Insolvency and Bankruptcy Code, 2016, the public announcement shall be made immediately after the appointment of the interim resolution professional. As per Regulation 6 of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, the expression immediately means not later than 3 days from the date of appointment of the interim resolution professional. Protocol for issuance of public notice According to as Section 15 of the Insolvency and Bankruptcy Code, 2016, the public announcement shall contain the following information: Name and address of the corporate debtor under the corporate insolvency resolution process; Name of the authority with which the corporate debtor is incorporated or registered; The last date for submission of claims; Details of the interim resolution professional who shall be vested with the management of the corporate debtor and be responsible for receiving claims; Penalties for false or misleading claims; The date on which the corporate insolvency resolution process shall close, which shall be the 180th day from the date of the admission of the application under Sections 7, 9 or Section 10, as the case may be. The public notice shall be published in following: One English newspaper One vernacular newspaper Website of the Corporate Debtor Website designated by the Board for the purpose As per Regulation 6 of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, the expenses of public announcement shall be borne by the applicant, and such expenses may be reimbursed by the Committee of Creditors, to the extent it ratifies them.