Initiation of corporate insolvency procedure requires a Form 1 application detailing debt, default, security and supporting evidence. Form 1 is the mandated application by a financial creditor under section 7 read with Rule 4 to initiate the Corporate Insolvency Resolution Process. It requires creditor and corporate debtor particulars, the proposed interim resolution professional's details, the total debt and date(s) of disbursement, the amount and date of default with computations, and documentary proof including security particulars, court/arbitral orders, records of default, the financial contract, and proof of fee payment and service.