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of <h1>Operational Creditor Can Initiate Insolvency Process Using Form 5 Under Rule 6(1) of 2016 Rules</h1> An operational creditor may file an application to initiate the corporate insolvency resolution process under the Insolvency and Bankruptcy Code, as outlined in Chapter II or Chapter IV of Part II. This application is submitted to the Adjudicating Authority in accordance with the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, specifically using Form 5 as per sub-rule (1) of rule 6. The process involves statutory provisions and regulations to address insolvency and bankruptcy matters for corporate entities.
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