99. (1) The resolution professional shall examine the application
referred to in section 94 or section 95, as the case may be, within ten days
of his appointment, and submit a report to the Adjudicating Authority
recommending for approval or rejection of the application.
(2) Where the application has been filed under section 95, the resolution
professional may require the debtor to prove repayment of the debt claimed
as unpaid by the creditor by furnishing-
(a) evidence of electronic transfer of the unpaid amount from the bank
account of the debtor;
(b) evidence of encashment of a cheque issued by the debtor; or
(c) a signed acknowledgment by the creditor accepting receipt of dues.
(3) Where the debt for which an application has been filed by a creditor is
registered with the information utility, the debtor shall not be entitled to
dispute the validity of such debt.
(4) For the purposes of examining an application, the resolution
professional may seek such further information or explanation in connection
with the application as may be required from the debtor or the creditor or
any other person who, in the opinion of the resolution professional, may
provide such information.
(5) The person from whom information or explanation is sought under
sub-section (4) shall furnish such information or explanation within seven
days of receipt of the request.
(6) The resolution professional shall examine the application and ascertain
that-
(a) the application satisfies the requirements set out in section 94 or 95;
(b) the applicant has provided information and given explanation sought by
the resolution professional under sub-section (4).
(7) After examination of the application under sub-section (6), he may
recommend acceptance or rejection of the application in his report.
(8) Where the resolution professional finds that the debtor is eligible for
a fresh start under Chapter II, the resolution professional shall submit a
report recommending that the application by the debtor under section 94 be
treated as an application under section 81 by the Adjudicating Authority.
(9) The resolution professional shall record the reasons for recommending
the acceptance or rejection of the application in the report under
sub-section (7).
(10) The resolution professional shall give a copy of the report under
sub-section (7) to the debtor or the creditor, as the case may be.