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CS Professional · Corporate Restructuring, Valuation and Insolvency · Application for Corporate Insolvency Resolution Process

Prime Ceramics receives a Section 9 application filed by Sundar Traders on 10 June. On 18 June the Adjudicating Authority admits it. From which date does the corporate insolvency resolution process commence, and within what period from receipt must the decision on admission be made?

The process commences on the date of admission of the application, 18 June, not the filing date. The Adjudicating Authority must pass its order admitting or rejecting the application within fourteen days of receiving it.

  1. AFrom 10 June; within thirty days of receipt
  2. BFrom 18 June, the date of admission; within fourteen days of receipt of the applicationCorrect
  3. CFrom the date of the demand notice; within seven days of receipt
  4. DFrom the date the interim resolution professional is appointed; within ten days of receipt

Explanation

Section 9(6) says the process commences from the date of admission of the application, here 18 June. Section 9(5) requires the Adjudicating Authority to pass its order within fourteen days of receipt of the application. Filing date or demand notice date is not the start.

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