Corporate insolvency resolution process by financial creditor requires default, prescribed filing requirements, and complete supporting records. Financial creditor may initiate corporate insolvency resolution process against a corporate debtor on default, subject to prescribed joint filing requirements in specified cases, including certain classes of financial creditors and allottees in a real estate project. The application must be in the prescribed form with record of default, proposed interim resolution professional, and other specified information. The Adjudicating Authority must ascertain default, admit the application if default and completeness requirements are satisfied and no disciplinary proceeding is pending, or reject it after notice to rectify defects. The process commences on admission and the order must be communicated within seven days.