Naveen Kumar, a Financial Creditor filed an Insolvency Application under Section 7 of Insolvency and Bankruptcy Code, 2016 against M/s ABC Private Ltd, Corporate Debtor (Defaulter) before the National Company Law Tribuna

CS Professional · Insolvency - Law and Practice · PYQS · December 2019
Naveen Kumar, a Financial Creditor filed an Insolvency Application under Section 7 of Insolvency and Bankruptcy Code, 2016 against M/s ABC Private Ltd, Corporate Debtor (Defaulter) before the National Company Law Tribunal on 1st July, 2018. National Company Law Tribunal after satisfying that the default has occurred and the application is complete in all respects and all the related compliances have been met, admitted the application, by an order passed on 10th July, 2018 and appointed Kamal Kishore as Interim Resolution Professional (IRP). As per the Insolvency and Bankruptcy Code, 2016, state the following: Initiation date for the Corporate Insolvency Resolution Process.

Answer & Explanation:

As per section 5(11) of the Insolvency & Bankruptcy Code, 2016 (the Code), initiation date for Corporate Insolvency Resolution Process is the date on which a financial creditor, corporate applicant or operational creditor, as the case may be, makes an application to the Adjudicating Authority for initiating Corporate Insolvency Resolution Process. So 1st July, 2018 would be the initiation date.

Topics: Corporate Insolvency Resolution Process (CIRP)

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