Insolvency & Bankruptcy Code, 2016
(1) The resolution professional shall examine the application made under section 80 within ten days of his appointment, and submit a report to the Adjudicating Authority, either recommending acceptance or rejection of the application. (2) The report referred to in sub-section (1) shall contain the details of the amounts mentioned in the application which in the opinion of the resolution professional are— (a) qualifying debts; and (b) liabilities eligible for discharge under sub-section (3) of section 92. (3) The resolution professional may call for such further information or explanation in connection with the application as may be required from the debtor or any other person who, in the opinion of the resolution professional, may provide such information. (4) The debtor or any other person, as the case may be, shall furnish such information or explanation within seven days of receipt of the request under sub-section (3). (5) The resolution professional shall presume that the debtor is unable to pay his debts at the date of the application if— (a) in his opinion the information supplied in the application indicates that the debtor is unable to pay his debts and he has no reason to believe that the information supplied is incorrect or incomplete; and (b) he has reason to believe that there is no change in the financial circumstances of the debtor since the date of the application enabling the debtor to pay his debts. (6) The resolution professional shall reject the application, if in his opinion— (a) the debtor does not satisfy the conditions specified under section 80; or (b) the debts disclosed in the application by the debtor are not qualifying debts; or (c) the debtor has deliberately made a false representation or omission in the application or with respect to the documents or information submitted. (7) The resolution professional shall record the reasons for recommending the acceptance or rejection of the application in the report to the Adjudicating Authority under sub-section (1) and shall give a copy of the report to the debtor.