17 Questions
What does 'relevant information' refer to in the context of the text?
Information needed for drafting a resolution plan for the corporate debtor
Which condition must a resolution applicant fulfill to gain access to relevant information?
Maintaining confidentiality and not sharing information with third parties
What is one of the requirements for protecting intellectual property mentioned in the text?
Not disclosing any trade secrets
Why is it important for a resolution applicant to protect the intellectual property of the corporate debtor?
To maintain the competitive advantage of the corporate debtor
What type of information related to disputes is considered 'relevant information' according to the text?
Details about disputes involving or against the corporate debtor
What does the corporate applicant need to furnish along with the application?
Details of the resolution professional proposed to be appointed
How does the text specify the approval process for filing the application by the shareholders or partners of the corporate debtor?
Special resolution by shareholders or resolution by at least three-fourth of the partners
What documents related to financial records are required from the corporate applicant?
Books of account and other documents for a specified period
When should the Adjudicating Authority respond after receiving the application?
Within 14 days
Who should approve the filing of the application according to the text?
Shareholders or partners as per specific majority requirements
What type of consent is needed from the shareholders or partners to approve filing of the application?
'Yes' vote from over half of shareholders or partners
What information is required to be furnished by the corporate applicant along with the application?
Books of account and documents relating to the specified period
When will the application of a corporate applicant be rejected?
If it is incomplete
What action is taken by the Adjudicating Authority if any defects are found in the application of a corporate applicant?
Gives a notice to rectify the defects within seven days
When does the corporate insolvency resolution process commence?
From the date of admission of the application under sub-section (4)
What is the role of an interim resolution professional in the application process?
To assist in preparing documents for the application
What does the Adjudicating Authority do before rejecting an incomplete application?
Gives a notice to rectify defects within seven days
Test your knowledge on the provisions related to the resolution professional providing relevant information to the resolution applicant, including confidentiality, insider trading, and intellectual property protection.
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