Section 11 Persons not entitled to make application
The Following Persons is not entitled to maker a application to initiate CIRP
1. Corporate debtors who is already undergoing CIRP.
2. Corporate debtors who has completed 12 months proceeding date of making of
application.
3. Corporate debtors in respects of whom Liquidation order has made.
4. Corporate debtors/Financial creditors who violated terms of resolution plan approved
12 months before date of making of application.
The Following Persons is not entitled to maker a application to initiate CIRP
1. Corporate debtors who is already undergoing CIRP.
2. Corporate debtors who has completed 12 months proceeding date of making of
application.
3. Corporate debtors in respects of whom Liquidation order has made.
4. Corporate debtors/Financial creditors who violated terms of resolution plan approved
12 months before date of making of application.
 |
| SECTION 11 CHART |
Section 12 Time – limit for completion of insolvency resolution process
1. CIRP shall be completed within 180 days from the date of admission of application to initiate such process.
2. RP can file an application to NCLT to extend the period of beyond 180 days and extended this period its important to passed the resolution at a meeting of the committee of creditors by a vote of 66% of voting shares.
3. If the NCLT is satisfied that the subject matter of CIRP has not completed within 180 days, its may be extended this period beyond the 180 days but not exceeding 90 days.
4. Extension shall be granted only once and futher Amendment for May2020 CIRP has been completed within 330 days from the insolvency commencement date its similarly to be extend 90 days but not exceeding 90 days. If NCLT is satisfied the CIRP has not completed 330 days then extended this period. Total 420 days has to be given corporate insolvency resolution process.
Section 12A Withdrawal of application admitted under section 7,9 or 10.
NCLT may allow the withdrawal of
application under the above section mention in Section 12A if the applicant
with the approval of 90% of voting shares of committee of creditors.
 |
| SECTION 12/12A CHART |
Section 13 Declaration of moratorium and public announcement
NCLT Appoint a IRP and IRP within 3
days has public announcement of the initation of CIRP and IRP call all the
operational creditors for the submission of claims and after declare a
moratorium for the purposes referred to in section 14.
 |
| SECTION 13 CHART |
No comments:
Post a Comment