Get MODEL QUESTION PAPER FOR LIMITED INSOLVENCY EXAMINATION Wef 1 ...

A resolution applicant, as defined under section 5(25) of the Code, meansany person who submits a resolution plan to the resolution professional.

Financial service provider cannot initiate CIRP but CIRP can be initiated against it.

Under the Insolvency and Bankruptcy Code 2016 (IBC), a Corporate Insolvency Resolution Process (CIRP) may be initiated by operational creditors under Section 9.

A Financial service provider cannot initiate CIRP nor can any CIRP be initiated against it. B Financial service provider can initiate CIRP and also CIRP can be initiated against it.

Criteria for starting insolvency proceedings via a Creditors' Voluntary Liquidation The company's liabilities must exceed its assets, with no hope of stabilising the financial position. 75% or more of shareholders (by share value) must agree to pass a special resolution to wind-up the company.

CIRP may be initiated by either: a financial creditor (FC) under Section 7. an operational creditor (OC) under Section 9. a corporate applicant of a corporate debtor under Section 10 of the Code.

1 crore. If it is below Rs. 1 crore, application for corporate insolvency resolution process cannot be initiated by the operational creditor against the corporate debtor.

CIRP may be initiated by either: a financial creditor (FC) under Section 7. an operational creditor (OC) under Section 9. a corporate applicant of a corporate debtor under Section 10 of the Code.