IBC 91 — Revocation of order admitting application

Insolvency & Bankruptcy Code, 2016

Statutory text

(1)  The  resolution  professional  may  submit  an application  to  the  Adjudicating  Authority  seeking  revocation  of  its  order  made  under  section  84  on  the following grounds, namely :—

(a) if due to any change in the financial circumstances of the debtor, the debtor is ineligible for a fresh start process; or (b) non-compliance by the debtor of the restrictions imposed under sub-section (3) of section 85;
or (c)  if  the  debtor  has  acted  in  a mala  fide manner  and  has  wilfully  failed  to  comply  with  the provisions of this Chapter.
(2) The Adjudicating Authority shall, within fourteen days of the receipt of the application under sub-section (1), may by order admit or reject the application.
(3)  On  passing  of  the  order  admitting  the  application  referred  to  in  sub-section  (1),  the  moratorium and the fresh start process shall cease to have effect.
(4) A copy of the order passed by the Adjudicating Authority under this section shall be provided to the Board for the purpose of recording an entry in the register referred to in section 196.

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