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CS Professional · Insolvency and Bankruptcy - Law and Practice · Pre-Packaged Insolvency Resolution Process (Elective 7.5)

In a pre-packaged process of Kaveri Textiles Pvt Ltd, the resolution professional files an application for termination under section 54D(3). Within how many days of the application must the Adjudicating Authority pass its order of termination under section 54N(1)?

The Adjudicating Authority must pass the termination order within thirty days of the date of the resolution professional's application, as section 54N(1) provides. The order also states how pending avoidance or section 66 and 67A proceedings will continue.

  1. ASeven days
  2. BFourteen days
  3. CThirty daysCorrect
  4. DNinety days

Explanation

Section 54N(1) says the Adjudicating Authority shall, within thirty days of the date of the application, by an order terminate the process and provide for continuation of avoidance proceedings.

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