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Application Under Rule 4, 6 Or 7 Of Insolvency And Bankruptcy (Application To Adjudication Authority) Rules, 2016

 IBBI Update: Application under Rule 4, 6 or 7 of Insolvency and Bankruptcy (Application to Adjudication Authority) Rules, 2016

The Board will forward the application for initiating insolvency received by it in terms of rule 4, 6 or 7 of the Insolvency and Bankruptcy (Application to Adjudication Authority) Rules, 2016, to the Information Utility (IU) and on receipt of the said application, the IU shall:


(a) inform other creditors of the Corporate Debtor by sharing the application;

(b) issue notice to the applicant, requiring it to file ‘information of default’ in the specified format under Insolvency and Bankruptcy Board of India (Information Utility) Regulations, 2017(IU Regulations); and

(c) process the ‘information of default’ for the purpose of issuing ROD as per the IU Regulations

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