Section 99 of IBC : Section 99: Submission Of Report By Resolution Professional

Explanation using Example

Imagine a small business owner, Mr. A, who has taken a loan from Mr. B but is unable to repay it due to financial difficulties. Mr. B files an application under section 95 of the Insolvency and Bankruptcy Code, 2016, to initiate insolvency proceedings against Mr. A. A resolution professional is appointed to handle the case.

Within ten days, the resolution professional examines the application. He notices that Mr. A claims to have repaid part of the debt via electronic transfer. To verify this, the professional asks Mr. A for bank statements or transaction receipts as evidence (as per section 99(2)(a)).

Mr. A provides a bank statement showing an el...

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