Skip to content

CS Professional · Insolvency and Bankruptcy - Law and Practice · Corporate Insolvency Resolution Process

A financial creditor, Bharat Credit Ltd, wants to file an application for fast track CIRP against Tapti Engineering Ltd. Along with the application, what must it furnish regarding default?

The applicant must file proof of the existence of default, evidenced by records available with an information utility or such other means as the Board specifies, together with other Board-specified information showing the corporate debtor is eligible for the fast track process.

  1. AProof of default evidenced by records available with an information utility or such other means as the Board specifiesCorrect
  2. BOnly a demand notice served on the corporate debtor
  3. CA certificate from the corporate debtor's statutory auditor
  4. DAn affidavit of the resolution professional proposed to be appointed

Explanation

Section 57 requires proof of default as evidenced by records with an information utility or other means specified by the Board, plus other information specified by the Board to show eligibility for fast track. A bare demand notice, auditor certificate or professional's affidavit is not the stated requirement.

Did you get it right without looking?

One question tells you little. A timed set on Corporate Insolvency Resolution Process shows your real accuracy, how long you take and where you lose marks.

Practise Corporate Insolvency Resolution ProcessFree diagnostic mock

More Corporate Insolvency Resolution Process questions