What does the 'Insolvency Resolution Process Costs' mean under the Insolvency and Bankruptcy Code, 2016? Elaborate.
CS Professional · Corporate Restructuring, Insolvency, Liquidation & Winding-up · PYQS · June 2022
What does the 'Insolvency Resolution Process Costs' mean under the Insolvency and Bankruptcy Code, 2016? Elaborate.
Answer & Explanation:
According to section 5(13) of the Insolvency and Bankruptcy Code, the "insolvency resolution process costs" means: - the amount of any interim finance and the costs incurred in raising such finance; the fees payable to any person acting as a resolution professional; any costs incurred by the resolution professional in running the business of the corporate debtor as a going concern; any costs incurred at the expense of the Government to facilitate the insolvency resolution process; and any other costs as may be specified by the Board.
Topics: Insolvency and Bankruptcy Code (IBC)
Related Questions in this Topic
- What are the duties of Resolution Professional during the Pre-Packaged Insolvency Resolution Process ?
- Under the Insolvency and Bankruptcy Code, 2016, a public announcement of the initiation of the corporate insolvency reso...
- An insolvency professional shall be eligible to be appointed as a liquidator for Voluntary Liquidation process if he and...
- Corporate Insolvency Resolution Process (CIRP) against XYZ Ltd. was initiated on application by its Financial Creditors ...
- A default in financial debt has arisen on September 20, 2020. Can a petition be filed in May, 2023 for the same? Explain...