alleryStart learning →The IRP's term now continues until which event (section 16(5))?
AThirty days pass
BThe plan is filed
CLiquidation begins
DAn RP is appointed
Answer & Solution
Correct answer: D. An RP is appointed
The 2018 amendment replaced the thirty-day limit so the term lasts till the resolution professional is appointed under section 22.
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Related questions
Which Code term means non-payment of debt that has become due and payable?The initiation date in section 5(11) is the day an application is what?How long is the insolvency resolution process period defined in section 5(14)?The insolvency commencement date is the date of what?The Centre may raise the minimum default under section 4 to at most how much?Besides the order, NCLT must issue what on liquidation under section 33(1)?A committee decision to liquidate under section 33(2) needs what share of voting?A plan's other legal approvals must be obtained within what time under section 31(4)?