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of <h1>Corporate Insolvency Process Initiated by Creditors or Debtor Under Section 6 of Insolvency and Bankruptcy Code 2016</h1> Under Section 6 of the Insolvency and Bankruptcy Code 2016, the corporate insolvency resolution process can be initiated by a financial creditor, an operational creditor, or the corporate debtor itself upon default. The process involves filing an application with the National Company Law Tribunal (NCLT), which can admit or reject it. Following admission, a moratorium is declared, and an Interim Resolution Professional is appointed. The process includes forming a Committee of Creditors, appointing a Resolution Professional, managing the debtor's operations, and preparing documents for prospective resolution applicants. The Resolution Plan is submitted for approval by the Committee of Creditors and the NCLT.
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