What are the procedural requirements for issuance of Public Notice under Section 102 of the Insolvency and Bankruptcy Code, 2016?

CS Professional · Corporate Restructuring, Insolvency, Liquidation & Winding-up · PYQS · December 2022
What are the procedural requirements for issuance of Public Notice under Section 102 of the Insolvency and Bankruptcy Code, 2016?

Answer & Explanation:

Section 102 of the Code provides that the Adjudicating Authority shall issue a public notice within seven days of passing the order under Section 100 of the Code, for inviting claims from all creditors within twenty-one days from the date of issue of notice. The notice issued by Adjudicating Authority for inviting claims from the creditors shall include: details of the order admitting the application; particulars of the Resolution Professional with whom the claims are to be registered; and the last date for submission of claims. The notice issued by Adjudicating Authority for inviting claims: shall be published in at least one english and one vernacular newspaper which is in circulation in the state where the debtor resides; shall be affixed in the premises of the Adjudicating Authority and shall be placed on the website of the Adjudicating Authority.

Topics: Insolvency and Bankruptcy Code, 2016

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