18 Questions
What information is the corporate applicant required to furnish along with the application?
Books of account and relevant documents
When will the application be admitted, according to the provided text?
If there are pending disciplinary proceedings against the proposed resolution professional
What does the Adjudicating Authority do before rejecting an application?
Give a notice to rectify defects within a week
When does the corporate insolvency resolution process commence?
From the date of admission of the application
What does the Adjudicating Authority require before rejecting an incomplete application?
Notice to rectify defects within seven days
What action should the corporate applicant take if a notice is received from the Adjudicating Authority regarding application defects?
Rectify the defects within seven days
What information is a financial creditor required to furnish along with the application?
Record of default recorded with the information utility
In case the Adjudicating Authority has not ascertained the existence of default within fourteen days, what action must it take?
Record reasons for not ascertaining the default
What action may the Adjudicating Authority take if it is satisfied that a default has occurred and the application is complete?
Admit the application
When can the Adjudicating Authority reject an application?
If default has not occurred or application is incomplete
What must be done before rejecting an application under certain criteria?
Give a notice to applicant to rectify defects within seven days
What action should be taken if there are disciplinary proceedings pending against the proposed resolution professional?
The Adjudicating Authority may reject the application
What is one of the conditions for the Adjudicating Authority to admit the application under sub-section (2)?
Record of dispute in the information utility
In what timeframe must the Adjudicating Authority make a decision once they receive the application under sub-section (2)?
14 days
When can the Adjudicating Authority reject the application based on the text?
If there is a notice of dispute received by the operational creditor
What action must the Adjudicating Authority take if an application under sub-section (2) is incomplete?
Reject the application without further communication
When does the Adjudicating Authority communicate its decision to admit or reject the application?
Within fourteen days of receipt of the application
What is a mandatory requirement for admission of an application by the Adjudicating Authority?
Notice of dispute received by the operational creditor
This quiz covers the requirements for a corporate applicant to furnish information along with the application for the insolvency resolution process, including details about books of account and the proposed resolution professional. It also addresses the possible outcomes of the application submission.
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