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CS Professional · Insolvency and Bankruptcy - Law and Practice · Fresh Start Process

Anil files a fresh start application on his own on day 1. The Adjudicating Authority directs the Board on the last permissible day. By when must the Board nominate a resolution professional, counted from the direction?

The Board must nominate within ten days of receiving the Adjudicating Authority's direction. Section 82(4) counts the period from the direction, not from filing of the application, and the seven-day limit relates only to the Adjudicating Authority's step in issuing that direction.

  1. AWithin seven days of the direction
  2. BWithin ten days of the directionCorrect
  3. CWithin fourteen days of the direction
  4. DWithin thirty days of the application

Explanation

Under Section 82(4), the Board must nominate a resolution professional within ten days of receiving the Adjudicating Authority's direction. Seven days is the time for the Adjudicating Authority to issue the direction and is the key distractor. The period runs from the direction, not from the application.

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