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of <h1>Financial creditors can start insolvency resolution for corporate debtors by filing with evidence; joint filing rules apply.</h1> A financial creditor can initiate a corporate insolvency resolution process against a corporate debtor by filing an application with the Adjudicating Authority upon default. For certain financial creditors, the application must be filed jointly by at least 100 creditors or 10% of the total, whichever is less. The application must include evidence of default, a proposed interim resolution professional, and other specified information. The Authority must verify the default within 14 days and decide to admit or reject the application. If admitted, the process begins, and the decision is communicated to the involved parties within seven days.
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