What are the general duties of a debtor under the Fresh Start Process under the Insolvency and Bankruptcy Code 2016.
CS Professional · Corporate Restructuring, Insolvency, Liquidation & Winding-up · PYQS · December 2023
What are the general duties of a debtor under the Fresh Start Process under the Insolvency and Bankruptcy Code 2016.
Answer & Explanation:
As per section 88 of Insolvency and Bankruptcy Code, 2016, the debtor has the following general duties under fresh start process: (a) make available to the resolution professional all information relating to his affairs, attend meetings and comply with the requests of the resolution professional in relation to the fresh start process. (b) inform the resolution professional as soon as reasonably possible of- any material error or omission in relation to the information or document supplied to the resolution professional; or any change in financial circumstances after the date of application, where such change has an impact on the fresh start process.
Topics: Insolvency and Bankruptcy Code, 2016
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