Section 13 of Insolvency and Bankruptcy Code 2016

By | December 1, 2016

Section 13 of Insolvency and Bankruptcy Code 2016

[ Note : Section 13  comes into force w.e.f 1st December 2016 vide notification no S.O. 3594(E) dated 30th November 2016 ].

Declaration of moratorium and public announcement.

13. (1) The Adjudicating Authority, after admission of the application under section 7 or section 9 or section 10, shall, by an order—

(a) declare a moratorium for the purposes referred to in section 14;
(b) cause a public announcement of the initiation of corporate insolvency resolution process and call for the submission of claims under section 15; and
(c) appoint an interim resolution professional in the manner as laid down in section 16.

(2) The public announcement referred to in clause (b) of sub-section (1) shall be made immediately after the appointment of the interim resolution professional.

Leave a Reply