Section 13: Declaration of moratorium and public announcement

The Insolvency and Bankruptcy Code, 2016

PART II Insolvency Resolution and Liquidation for Corporate Persons

CHAPTER II Corporate Insolvency Resolution Process(CIRP)

Section 13: Declaration of moratorium and public announcement:

13. (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.