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Questions and Answers
What event marks the commencement of the corporate insolvency resolution process?
What event marks the commencement of the corporate insolvency resolution process?
- Approval by the operational creditor
- Rejection of the application
- Admission of the application under sub-section (5) (correct)
- Communication by the Adjudicating Authority
Who should the Adjudicating Authority communicate the order under clause (a) of sub-section (5) to?
Who should the Adjudicating Authority communicate the order under clause (a) of sub-section (5) to?
- Financial creditor and corporate debtor (correct)
- Creditors committee
- Corporate debtor only
- Operational creditor
When should the Adjudicating Authority communicate the order under clause (b) of sub-section (5) to the financial creditor?
When should the Adjudicating Authority communicate the order under clause (b) of sub-section (5) to the financial creditor?
- During liquidation stage
- Within seven days of admission or rejection of the application (correct)
- After a month of admission
- At the end of the process
What action can an operational creditor take on the occurrence of a default?
What action can an operational creditor take on the occurrence of a default?
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