Once an application for insolvency resolution has been submitted under section 9, IBC states that immediately after the appointment of an insolvency resolution professional, a public announcement has to be made. To that end, we are going to look into this matter of public announcement of corporate insolvency and try to answer any burning question that you might have.
After the initiation of the insolvency resolution process, when the interim resolution professional is appointed, then the public announcement is to be made right away. Furthermore, this announcement has to be made by the insolvency resolution professional himself.
The Public Announcement (from this point to be called PA) entails the following information
As for the expenses of the public announcement, it is up to the applicant to bear them. However, the company of creditors can reimburse this expense to a particular cost.