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: Date of commencement of Insolvency.
Answer & Explanation:
According to section 5(12) of the Code, insolvency commencement date is the date of admission of an application for initiating Corporate Insolvency Resolution Process by the Adjudicating Authority under Sections 7, 9 or Section 10, as the case may be. Accordingly, 10th July, 2018 is the insolvency commencement date.
Topics: Corporate Insolvency Resolution Process (CIRP)
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