Act Number: 31

Act Name: The Insolvency and Bankruptcy Code, 2016.

Year: 2016

Enactment Date: 2016-05-28

Long Title: An Act to consolidate and amend the laws relating to reorganisation and insolvency resolution of corporate persons, partnership firms and individuals in a time bound manner for maximisation of value of assets of such persons, to promote entrepreneurship, availability of credit and balance the interests of all the stakeholders including alteration in the order of priority of payment of Government dues and to establish an Insolvency and Bankruptcy Board of India, and for matters connected therewith or incidental thereto.

Ministry: Ministry of Corporate Affairs

Department:

Section 13: Declaration of moratorium and public announcement.
    (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.
Notes:
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