Initiation of corporate insolvency resolution process by corporate applicant [ Section 10 ]

Voluntary corporate insolvency initiation: corporate applicants may file for CIRP when default occurs, subject to completeness and limitation.

Voluntary initiation of corporate insolvency occurs when a corporate applicant files the prescribed application with required documents and fee, including books of account, particulars of the proposed resolution professional, and shareholder/partner approval, and the Adjudicating Authority admits a complete application where a default has occurred and no bar applies; the CIRP commences from the date of admission and applications are subject to applicable limitation principles.