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: Tenure of Interim Resolution Professional.

Answer & Explanation:

Section 16(5) of the Code originally provided that the term of the Interim Resolution Professional shall not exceed thirty days from the date of his appointment, i.e., 9th August, 2018. But this sub-section was amended by the Insolvency and Bankruptcy Code (Second Amendment) Act, 2018. Now the term of the Interim Resolution Professional continues till the date of appointment of the Resolution Professional under Section 22 of the Code.

Topics: Corporate Insolvency Resolution Process (CIRP)

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