(1)

An insolvency professional shall make a public announcement immediately on his appointment as an interim resolution professional.

Explanation. - 'Immediately' means not later than three days from the date of his appointment.

(2)

The public announcement referred to in sub-regulation (1) shall -

(a) be in Form A;

(b) be published in one English and one regional language newspaper with wide circulation at the location of the registered office and principal office, if any, of the corporate debtor and any other location where in the opinion of the interim resolution professional, the corporate debtor conducts material business operations;

(c) provide the last date for submission of proofs of claim, which shall be ten days from the date of appointment of the interim resolution professional.

(3)

The applicant shall bear the expenses of the public announcement which may be reimbursed by the committee to the extent it ratifies them.

Explanation. - The expenses on the public announcement shall not form part of fast track process costs.