Corporate insolvency resolution process initiation by financial creditor requires default, prescribed filing requirements, and mandatory admission criteria. Financial creditor may initiate the corporate insolvency resolution process against a corporate debtor on occurrence of default by filing an application before the Adjudicating Authority, alone or jointly with other financial creditors, subject to collective-filing requirements for specified classes of creditors and real estate allottees. The application must be in the prescribed form, accompanied by a record of default or other evidence, the proposed interim resolution professional's name, and other specified information. The Adjudicating Authority must admit or reject the application on the statutory grounds, give notice to cure defects before rejection, and the corporate insolvency resolution process commences from the date of admission.