Initiation of corporate insolvency resolution by financial creditor requires prescribed evidence of default and procedural compliance. Section 7 permits a financial creditor, alone or jointly, or specified representatives to file for initiation of CIRP upon default; the application must follow prescribed form and fee, include evidence of default (information utility records, bankers' book entries, or court orders), propose a resolution professional, and supply assignment documentation if applicable. The Adjudicating Authority shall, within 14 days, ascertain default from records or furnished evidence and may admit the application if default exists, the filing is complete, and no disciplinary proceedings against the proposed resolution professional are pending; admission commences CIRP and the Authority must communicate its order within seven days.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Initiation of corporate insolvency resolution by financial creditor requires prescribed evidence of default and procedural compliance.
Section 7 permits a financial creditor, alone or jointly, or specified representatives to file for initiation of CIRP upon default; the application must follow prescribed form and fee, include evidence of default (information utility records, bankers' book entries, or court orders), propose a resolution professional, and supply assignment documentation if applicable. The Adjudicating Authority shall, within 14 days, ascertain default from records or furnished evidence and may admit the application if default exists, the filing is complete, and no disciplinary proceedings against the proposed resolution professional are pending; admission commences CIRP and the Authority must communicate its order within seven days.
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