said Act; (B) company against whom an application for corporate insolvency resolution process has been admitted by the Adjudicating Authority under section 7 or section
resolution professional”, for the purposes of
this Part, means an insolvency professional appointed to
conduct the corporate insolvency resolution process and
includes an interim resolution ... insolvency resolution process and reads as follows:
“Sec. 12. Time-limit for completion of insolvency
resolution process.- (1) Subject to sub-section (2), the
corporate
section, may also propose a resolution professional
to act as an interim resolution professional.
(7) The corporate insolvency resolution process
shall commence from the date ... timely resolution of insolvency. A
default based test for entry into the insolvency
resolution process permits early intervention such
that insolvency resolution proceedings
where in respect of a company, an application for corporate insolvency resolution process has been admitted by the Adjudicating Authority under section 7 or section
being
5
that the assets of the corporate debtor be preserved during the corporate
insolvency resolution process, it would be most incongruous to hold that ... which deals with institution of
prosecution against a corporate debtor during the corporate insolvency
resolution process, and the second proviso, which indicates pendency of
criminal
resolution plans would be 29.1.2018.
On a request made by the Committee of Creditors, the NCLT
extended the duration of the corporate insolvency resolution
process ... resolution plan. KSS Petron has
been classified as a non-performing asset by multiple banks, and
the corporate insolvency resolution process was initiated against
case of a company against whom an application for corporate insolvency resolution process has been admitted by the Adjudicating Authority under section 7 or section
amendment to the
Regulations of the Insolvency and Bankruptcy Board of India
(Insolvency Resolution Process for Corporate Persons)
Regulations, 2016 brought into force from ... resolution professional shall examine each
resolution plan received by him to confirm that each
resolution plan
(a) provides for the payment of insolvency
resolution process
resolution process under this
Chapter, namely: -
(a) a corporate debtor undergoing a
corporate insolvency resolution process;
or
(b) a corporate debtor having completed
corporate insolvency ... deal with the corporate
insolvency resolution process. Chapter III deals with
ordinary liquidation process in regard to corporate
person. Chapter IV of Part II consisting
required therein and as
specified in the Insolvency and Bankruptcy Board of
India (Insolvency Resolution Process for Corporate
Persons) Regulations, 2016.
(2) The applicant under ... matter of [name of the corporate debtor]
Subject: Application to initiate corporate
insolvency resolution process in respect of
[name of the corporate debtor] under