(1) Where a corporate debtor has committed a default, a corporate applicant thereof may file an application for initiating corporate insolvency resolution process with the Adjudicating Authority.
(2) The application under sub-section (1) shall be filed in such form, containing such particulars and in such manner and accompanied with such fee as may be prescribed.
(3) The corporate applicant shall, along with the application furnish the information relating to-
(a) its books of account and such other documents relating to such period as may be specified; and
(b) the resolution professional proposed to be appointed as an interim resolution professional.
(4) The Adjudicating Authority shall, within a period of fourteen days of the receipt of the application, by an order-
(a) admit the application, if it is complete; or
(b) reject the application, if it is incomplete:
Provided that Adjudicating Authority shall, before rejecting an application, give a notice to the applicant to rectify the defects in his application within seven days from the date of receipt of such notice from the Adjudicating Authority.
(5) The corporate insolvency resolution process shall commence from the
date of admission of the application under sub-section (4) of this
section
Insolvency and Bankruptcy Code 2016
Section 4 Application of Part II
Section 5 Definitions of Part II
Section 6 Persons who may initiate corporate insolvency resolution process
Section 7 Initiation of corporate insolvency resolution process by financial creditor
Section 8 Insolvency resolution by operational creditor
Section 10 Initiation of corporate insolvency resolution process by corporate applicant