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 creditorSolution
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.
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