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

The public announcement for Sagar Pharma Ltd is being drafted. Which of the following is among the items that section 15(1) requires it to contain?

The public announcement must state, among other things, the name of the authority with which the corporate debtor is incorporated or registered. Section 15(1) does not require asset valuations, committee of creditors membership or any resolution plan in the announcement, because those arise only later in the process.

  1. AThe valuation of the corporate debtor's assets by registered valuers
  2. BThe name of the authority with which the corporate debtor is incorporated or registeredCorrect
  3. CThe names of the members of the committee of creditors
  4. DThe proposed resolution plan received from the promoters

Explanation

Section 15(1)(b) requires the name of the authority with which the corporate debtor is incorporated or registered. Valuations, committee membership and resolution plans are not listed in the contents of the public announcement; they arise later in the process.

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