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of <h1>Financial creditors can start CIRP against corporate debtors under IBC Section 7 with proof of default.</h1> A financial creditor can initiate the Corporate Insolvency Resolution Process (CIRP) against a corporate debtor by filing an application with the Adjudicating Authority under Section 7 of the Insolvency and Bankruptcy Code (IBC). This can be done individually or jointly with other creditors or through authorized representatives such as guardians, executors, or trustees. The application must include evidence of default and a proposed resolution professional. The Adjudicating Authority has 14 days to ascertain default and decide on admission or rejection. If admitted, the CIRP commences from the admission date. Specific thresholds apply for creditors in real estate projects.
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