Corporate Insolvency Resolution Process Application Requirements

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What information is the corporate applicant required to furnish along with the application?

List of competitors

Details of shareholders or partners

Credit score of the company

Books of account and relevant documents (correct)

When will the application be admitted, according to the provided text?

If the resolution professional is a family member

If the application is incomplete

When the applicant has not rectified the defects in the application

If there are pending disciplinary proceedings against the proposed resolution professional (correct)

What does the Adjudicating Authority do before rejecting an application?

Request additional bribe from the applicant

Accept the application without any further review

Give a notice to rectify defects within a week (correct)

Reject the application immediately

When does the corporate insolvency resolution process commence?

From the date of admission of the application Signup and view all the answers

What does the Adjudicating Authority require before rejecting an incomplete application?

Notice to rectify defects within seven days Signup and view all the answers

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 Signup and view all the answers

What information is a financial creditor required to furnish along with the application?

Record of default recorded with the information utility Signup and view all the answers

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 Signup and view all the answers

What action may the Adjudicating Authority take if it is satisfied that a default has occurred and the application is complete?

Admit the application Signup and view all the answers

When can the Adjudicating Authority reject an application?

If default has not occurred or application is incomplete Signup and view all the answers

What must be done before rejecting an application under certain criteria?

Give a notice to applicant to rectify defects within seven days Signup and view all the answers

What action should be taken if there are disciplinary proceedings pending against the proposed resolution professional?

The Adjudicating Authority may reject the application Signup and view all the answers

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 Signup and view all the answers

In what timeframe must the Adjudicating Authority make a decision once they receive the application under sub-section (2)?

14 days Signup and view all the answers

When can the Adjudicating Authority reject the application based on the text?

If there is a notice of dispute received by the operational creditor Signup and view all the answers

What action must the Adjudicating Authority take if an application under sub-section (2) is incomplete?

Reject the application without further communication Signup and view all the answers

When does the Adjudicating Authority communicate its decision to admit or reject the application?

Within fourteen days of receipt of the application Signup and view all the answers

What is a mandatory requirement for admission of an application by the Adjudicating Authority?

Notice of dispute received by the operational creditor Signup and view all the answers

Corporate Insolvency Resolution Process Application Requirements

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