The Insolvency and Bankruptcy Code

Persons who may initiate corporate insolvency resolution process

Initiation of corporate insolvency resolution process by financial creditor

Insolvency resolution by operational creditor

Application for initiation of corporate insolvency resolution process by operational creditor

Initiation of corporate insolvency resolution process by corporate applicant

Persons not entitled to make application

Time-limit for completion of insolvency resolution process

Withdrawal of application admitted under section 7, 9 or 10

Declaration of moratorium and public announcement

Moratorium

Public announcement of corporate insolvency resolution process

Appointment and tenure of interim resolution professional

Management of affairs of corporate debtor by interim resolution professional

Duties of interim resolution professional

Personnel to extend co-operation to interim resolution professional

Management of operations of corporate debtor as going concern

Committee of creditors

Appointment of resolution professional

Resolution professional to conduct corporate insolvency resolution process

Meeting of committee of creditors

Duties of resolution professional

Rights and duties of authorised representative of financial creditors

Application for avoidance of transactions not to affect proceedings

Replacement of resolution professional by committee of creditors

Approval of committee of creditors for certain actions

Preparation of information memorandum

Submission of resolution plan

Approval of resolution plan

Appeal

Liability for prior offences, etc


CHAPTER II CORPORATE INSOLVENCY RESOLUTION PROCESS 


Where any corporate
debtor commits a default, a financial creditor, an operational creditor or the corporate debtor itself may
initiate corporate insolvency resolution process in respect of such corporate debtor in the manner as
provided under this Chapter.



LAWGIST

# 6 Persons who may initiate corporate insolvency resolution process