Insolvency commencement date has a different significance and has to be read in the context of definition in Section 5(12) and sub-section (5) and (6) of Section 7 – Joseph Philip Vs. Ashish Rathi & Anr. – SC
Going by the definition of “insolvency commencement date”, the insolvency commencement date means the date of admission of an application. Sub-section (5) of Section 7 speaks of an order admitting such application and in terms of sub-section (6) “the corporate insolvency resolution process” is to commence from the date of admission under sub-section (5). The concept of communication of the order in terms of sub-section (7) is only by way of an additional feature. The effect of the order does not depend upon and get postponed to the date of communication.
For the purposes of the Code, the commencement has a different significance and has to be read in the context of definition in Section 5(12) and sub-section (5) and (6) of Section 7.
