Question

The Adjudicating Authority shall, ________________ ascertain the existence of a default from the records of an information utility or on the basis of other evidence furnished by the financial creditor

Q: The Adjudicating Authority shall, ________________ ascertain the existence of a default from the rec

IBCSection7Initiationofcorporateinsolvencyresolutionprocessbyfinancialcreditor4TheAdjudicatingAuthorityshallwithinfourteendaysofthereceiptoftheapplicationascertaintheexistenceofadefaultfromtherecordsofaninformationutilityoronthebasisofotherevidencefurnishedbythefinancialcreditorProvidedthatiftheAdjudicatingAuthorityhasnotascertainedtheexistenceofdefaultandpassedanorderwithinsuchtimeitshallrecorditsreasonsinwritingforthesame

A On the recommendation of the Board Correct Answer Incorrect Answer

B Within seven days of the receipt of the application Correct Answer Incorrect Answer

C Within fourteen days of the receipt of the application Correct Answer Incorrect Answer

D Within fourteen days of the admission of the application Correct Answer Incorrect Answer

Solution

IBC Section 7-Initiation of corporate insolvency resolution process by financial creditor: (4) The Adjudicating Authority shall, within fourteen days of the receipt of the application, ascertain the existence of a default from the records of an information utility or on the basis of other evidence furnished by the financial creditor. Provided that if the Adjudicating Authority has not ascertained the existence of default and passed an order within such time, it shall record its reasons in writing for the same.

Practice Next

Question

The Adjudicating Authority shall, ________________ ascertain the existence of a default from the records of an information utility or on the basis of other evidence furnished by the financial creditor

Solution

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