Section 13. Declaration of moratorium and public announcement
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Act
Insolvency and Bankruptcy Code Act, 2016
Section number
13
Section reader
13. Declaration of moratorium and public announcement.-
(1) The Adjudicating Authority, after admission of the application under section 7 or section 9 or section 10, shall, by an order-
(a) declare a moratorium for the purposes referred to in section 14;
(b) cause a public announcement of the initiation of corporate insolvency resolution process and call for the submission of claims under section 15; and
(c) appoint an interim resolution professional in the manner as laid down in section 16.
(2) The public announcement referred to in clause (b) of sub-section (1) shall be made immediately after the appointment of the interim resolution professional.
