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Commencement of CIRP
What event triggers the commencement of the Corporate Insolvency Resolution Process (CIRP)?
CIRP commences when a competent adjudicating authority (NCLT) admits an application filed by a financial creditor, operational creditor, or the corporate debtor itself.
What is the minimum default amount required to file a CIRP application as per the MCA notification dated 24.03.2020?
₹1,00,00,000 (one crore rupees) is the minimum default threshold.
Which authority is empowered to admit or reject a CIRP application under the IBC 2016?
The National Company Law Tribunal (NCLT) is the adjudicating authority empowered to admit or reject a CIRP application under the IBC 2016.
Under Section 14 of IBC, what happens to suits and decrees against a corporate debtor during moratorium?
Institution or continuation of suits and execution of decrees is prohibited.
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