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of <h1>Financial Creditor Can Start Insolvency Process Against Debtor Under Section 7 of Insolvency and Bankruptcy Code.</h1> A financial creditor may initiate the corporate insolvency resolution process against a corporate debtor under section 7 of the Insolvency and Bankruptcy Code by submitting an application in Form 1. This application must include necessary documents as specified in the relevant regulations. If the applicant is an assignee or transferee, they must provide the assignment or transfer agreement. The applicant must serve a copy of the application to the corporate debtor's registered office and the Board before filing it with the Adjudicating Authority. Joint applicants can nominate one among them to act on their behalf.
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