CS Professional · Insolvency and Bankruptcy - Law and Practice · Fresh Start Process
The resolution professional submits his report on Arjun's fresh start application on 10 June. Within how many days from the report's submission may the Adjudicating Authority pass an order admitting or rejecting the application?
Fourteen days. The Adjudicating Authority may admit or reject the fresh start application within fourteen days from the date the resolution professional submits his report. Seven days applies to a different step, namely supplying the order and application copy to creditors.
- ASeven days
- BFourteen daysCorrect
- CThirty days
- DSixty days
Explanation
The Adjudicating Authority may pass the admission or rejection order within fourteen days of submission of the resolution professional's report. Seven days is the period for giving creditors a copy of the order, so it is a distractor.
Did you get it right without looking?
One question tells you little. A timed set on Fresh Start Process shows your real accuracy, how long you take and where you lose marks.
More Fresh Start Process questions
- Ramesh, a daily-wage earner in Jaipur, files a fresh start application. His application is admitted by the Adjudicating Authority on 10 Marc…
- The Adjudicating Authority admitted Meena's fresh start application and the resolution professional, Mr. Iyer, applied for revocation on 3 M…
- Arjun Nair's fresh start application was admitted on 1 June. During the moratorium, he plans a trip abroad for a family function. Under the …
- In a bankruptcy matter, the committee of creditors approved completion of administration of the bankrupt's estate under section 137 only fiv…
- A fresh start application by Kavita Desai was admitted on 10 January, and the moratorium began that day. The resolution professional has fou…
- During the moratorium after admission of Sunita's fresh start application, a money recovery suit filed earlier by her creditor, Mohan Trader…