Section 16 of IBC : Section 16: Appointment And Tenure Of Interim Resolution Professional
IBC
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Explanation using Example
Imagine a company, 'XYZ Electronics', is unable to pay its debts and a financial creditor, 'TechBank', files an application for initiating corporate insolvency resolution process (CIRP) against XYZ Electronics under Section 7 of the Insolvency and Bankruptcy Code, 2016. On the day the application is accepted, which is known as the insolvency commencement date, the Adjudicating Authority (the National Company Law Tribunal, or NCLT) is required to appoint an interim resolutio...
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