Q: Elaborate Appointment of Interim Resolution Professional and public announcement ?

Ans: Once an application for initiation of insolvency is admitted by the NCLT, the corporate insolvency resolution process is commenced. By way of the order of admission, the NCLT may inter alia direct the following in accordance with Section 13 of the IBC:

a. Suspension of management of the corporate debtor; 

b. Application of moratorium in terms of Section 14 of the IBC;

c. Appointment of the interim resolution professional (IRP); and

d. Publication of public announcement by IRP for invitation of claims from the creditors
of the Corporate Debtor. The date of such admission order is considered to be the insolvency commencement date, from which the prescribed timeline is calculated.

Keywords used: 

1. Interalia: Among other things.
2. Moratorium: अधिस्थगन, रोक


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