Section 13 of IBC – Insolvency and Bankruptcy Code, 2016 : Declaration of moratorium and public announcement

Section 13: Declaration of moratorium and public announcement CHAPTER II Corporate Insolvency Resolution Process(CIRP) PART II Insolvency Resolution and Liquidation for Corporate Persons The Insolvency and Bankruptcy Code, 2016

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The Insolvency and Bankruptcy Code, 2016

Part-II Insolvency Resolution and Liquidation for Corporate Persons

Chapter-II Corporate Insolvency Resolution Process

Section 13: Declaration of moratorium and public announcement.

*13. (1) The Adjudicating Authority, after admission of the application under section 7 or section 9 or section 10, shall, by an order—

(a) declare a moratorium for the purposes referred to in section 14;

(b) cause a public announcement of the initiation of corporate insolvency resolution process and call for the submission of claims under section 15; and

(c) appoint an interim resolution professional in the manner as laid down in section 16.

(2) The public announcement referred to in clause (b) of sub-section (1) shall be made immediately after the appointment of the interim resolution professional.


Reference

*Effective from 01.12.2016.



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