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

The resolution professional submits his report on a fresh start application on 5 May. By which date may the Adjudicating Authority pass its order admitting or rejecting the application, and when must the creditors receive a copy of an admission order passed on that last day?

The order may be passed within fourteen days of the report, so by 19 May. A copy of the order and application must then be given to the creditors named in the application within seven days of the order being passed.

  1. ABy 12 May; creditors within 14 days of the order
  2. BBy 19 May; creditors within seven days of passing of the orderCorrect
  3. CBy 4 June; creditors within seven days of the order
  4. DBy 19 May; creditors within 30 days of the order

Explanation

The Adjudicating Authority may pass its order within fourteen days from submission of the report, so by 19 May. A copy of the order with the application must go to the creditors named in the application within seven days of passing the order. Other options mix up the periods.

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