CHAPTER II CORPORATE INSOLVENCY RESOLUTION PROCESS

  1. Persons who may initiate corporate insolvency resolution process.
  2. Initiation of corporate insolvency resolution process by financial creditor.
  3. Insolvency resolution by operational creditor.
  4. Application for initiation of corporate insolvency resolution process by operational creditor.
  5. Initiation of corporate insolvency resolution process by corporate applicant.
  6. Persons not entitled to make application.
  7. Time-limit for completion of insolvency resolution process.
  8. Declaration of moratorium and public announcement.
  9. Moratorium.
  10. Public announcement of corporate insolvency resolution process.
  11. Appointment and tenure of interim resolution professional.
  12. Management of affairs of corporate debtor by interim resolution professional.
  13. Duties of interim resolution professional.
  14. Personnel to extend cooperation to interim resolution professional.
  15. Management of operations of corporate debtor as going concern.
  16. Committee of creditors.
  17. Appointment of resolution professional.
  18. Resolution professional to conduct corporate insolvency resolution process.
  19. Meeting of committee of creditors.
  20. Duties of resolution professional.
  21. Application for avoidance of transactions not to affect proceedings.
  22. Replacement of resolution professional by committee of creditors.
  23. Approval of committee of creditors for certain actions.
  24. Preparation of information memorandum.
  25. Submission of resolution plan.
  26. Approval of resolution plan.
  27. Appeal.

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