Under regulation 6(1) of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, what is the latest time for the public announcement of the corporate insolvency resolution…
Question and options
Under regulation 6(1) of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, what is the latest time for the public announcement of the corporate insolvency resolution process?
Three days after the creditor first files the application
Three days after the resolution professional is confirmed
Three days after the committee of creditors is constituted
Three days after appointment of the interim resolution professional
Answer and explanation
Regulation 6(1) requires the insolvency professional to make the public announcement immediately on appointment as interim resolution professional, and its Explanation defines immediately as not later than three days from that appointment. The clock does not run from the filing of the application, because no professional is in office until the Adjudicating Authority admits it.
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