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

Meena applies for a fresh start through CS Anil Rao, a resolution professional. On receiving the application, the Adjudicating Authority directs the Board. What is the Board being asked to confirm?

The Board is asked to confirm that no disciplinary proceedings exist against the resolution professional who filed the application. Eligibility matters such as debt limits or the twelve-month bar are not part of this confirmation, and creditor consent is not required.

  1. AThat Meena's qualifying debts are within the prescribed limit
  2. BThat Meena has not obtained a fresh start order in the last twelve months
  3. CThat no disciplinary proceedings are pending against the resolution professional who submitted the applicationCorrect
  4. DThat the resolution professional has consent of all creditors of Meena

Explanation

Section 82(1) provides that where the application is filed through a resolution professional, the Adjudicating Authority seeks confirmation from the Board that there are no disciplinary proceedings against that professional. Debt limits and the twelve-month bar are eligibility matters under section 80, not the Board's confirmation.

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