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of <h1>Corporate Debtors Can Initiate Insolvency Under Section 10 of the Insolvency and Bankruptcy Code, 2016</h1> Section 10 of the Insolvency and Bankruptcy Code, 2016 allows a corporate debtor to initiate the corporate insolvency resolution process by filing an application with the Adjudicating Authority upon default. The application must include specific information, such as financial records, details of the proposed interim resolution professional, and a resolution approving the application. The Adjudicating Authority has 14 days to admit or reject the application, allowing for rectification of defects if necessary. The insolvency process begins upon application admission. Amendments in 2018 introduced additional requirements and conditions for the application process.
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