LawgistThe Insolvency and Bankruptcy Code
13Declaration of moratorium and public announcement
(1) The Adjudicating Authority, after admission of the application under section 7 or section 9 or section 10, shall, by an order—
(a) declare a moratorium for the purposes referred to in section 14;
(b) cause a public announcement of the initiation of corporate insolvency resolution process and call for the submission of claims under section 15; and
(c) appoint an interim resolution professional in the manner as laid down in section 16.
(2) The public announcement referred to in clause (b) of sub-section (1) shall be made immediately after the appointment of the interim resolution professional.
Download our fully-offline, High speed android app.- Click here
CHAPTER II CORPORATE INSOLVENCY RESOLUTION PROCESS
- 6 Persons who may initiate corporate insolvency resolution process
- 7 Initiation of corporate insolvency resolution process by financial creditor
- 8 Insolvency resolution by operational creditor
- 9 Application for initiation of corporate insolvency resolution process by operational creditor
- 10 Initiation of corporate insolvency resolution process by corporate applicant
- 11 Persons not entitled to make application
- 12 Time-limit for completion of insolvency resolution process
- 12A Withdrawal of application admitted under section 7, 9 or 10
- 13 Declaration of moratorium and public announcement
- 14 Moratorium
- 15 Public announcement of corporate insolvency resolution process
- 16 Appointment and tenure of interim resolution professional
- 17 Management of affairs of corporate debtor by interim resolution professional
- 18 Duties of interim resolution professional
- 19 Personnel to extend co-operation to interim resolution professional
- 20 Management of operations of corporate debtor as going concern
- 21 Committee of creditors
- 22 Appointment of resolution professional
- 23 Resolution professional to conduct corporate insolvency resolution process
- 24 Meeting of committee of creditors
- 25 Duties of resolution professional
- 25A Rights and duties of authorised representative of financial creditors
- 26 Application for avoidance of transactions not to affect proceedings
- 27 Replacement of resolution professional by committee of creditors
- 28 Approval of committee of creditors for certain actions
- 29 Preparation of information memorandum
- 30 Submission of resolution plan
- 31 Approval of resolution plan
- 32 Appeal
- 32A Liability for prior offences, etc
