4 Questions
What event marks the commencement of the corporate insolvency resolution process?
Admission of the application under sub-section (5)
Who should the Adjudicating Authority communicate the order under clause (a) of sub-section (5) to?
Financial creditor and corporate debtor
When should the Adjudicating Authority communicate the order under clause (b) of sub-section (5) to the financial creditor?
Within seven days of admission or rejection of the application
What action can an operational creditor take on the occurrence of a default?
Deliver a demand notice to the corporate debtor
Learn about the dual role of a person who is both a financial creditor and an operational creditor in a corporate debtor's bankruptcy, including their voting rights and classification based on debts owed. Explore the implications of holding both types of debts in insolvency proceedings.
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