Chapter II — CORPORATE INSOLVENCY RESOLUTION PROCESS

Section 13Declaration of moratorium and public announcement

Section 13: Declaration of moratorium and public announcement

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.