IBC 84 — Admission or rejection of application by Adjudicating Authority

Insolvency & Bankruptcy Code, 2016

Statutory text

(1)  The  Adjudicating
Authority  may  within  fourteen  days  from  the  date  of  submission  of  the  report  by  the  resolution professional,  pass  an  order  either  admitting  or  rejecting  the  application  made  under  sub-section  (1)  of section 81.
(2) The order passed under sub-section (1) accepting the application shall state the amount which has been accepted as qualifying debts by the resolution professional and other amounts eligible for discharge under section 92 for the purposes of the fresh start order.
(3) A copy of the order passed by the Adjudicating Authority under sub-section (1) along with a copy of the application shall be provided to the creditors mentioned in the application within seven days of the passing of the order.

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