Corporate insolvency resolution process: corporate applicant filing, prescribed disclosures, defect cure, and admission-based commencement. A corporate applicant may initiate corporate insolvency resolution process where the corporate debtor has committed default by filing an application before the Adjudicating Authority in the prescribed form, manner, and with the prescribed fee. The application must be accompanied by the applicant's books of account and other specified information, together with the special resolution of shareholders or the requisite partners' resolution approving the filing. The Adjudicating Authority must examine the application within fourteen days and either admit it if complete or reject it if incomplete after giving notice to cure defects.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
A corporate applicant may initiate corporate insolvency resolution process where the corporate debtor has committed default by filing an application before the Adjudicating Authority in the prescribed form, manner, and with the prescribed fee. The application must be accompanied by the applicant's books of account and other specified information, together with the special resolution of shareholders or the requisite partners' resolution approving the filing. The Adjudicating Authority must examine the application within fourteen days and either admit it if complete or reject it if incomplete after giving notice to cure defects.
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