Dual Role of Creditors in Bankruptcy Proceedings
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Questions and Answers

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?

  • 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?

  • 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?

    <p>Deliver a demand notice to the corporate debtor</p> Signup and view all the answers

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