Pre-packaged insolvency resolution process: corporate applicants must file prescribed Form-1 with supporting creditor approvals and documentation. The rules prescribe that a corporate applicant must initiate a pre-packaged insolvency resolution process by filing Form-1 with the Adjudicating Authority, accompanied by an affidavit and specified annexures evidencing eligibility under section 54A, details of the corporate debtor, particulars of creditors and defaults, approval and consent of creditors and the proposed resolution professional, audited and provisional financial statements, a statement of affairs, and proof of service to the Insolvency and Bankruptcy Board; filing may be electronic or physical where electronic facilities are unavailable.
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Pre-packaged insolvency resolution process: corporate applicants must file prescribed Form-1 with supporting creditor approvals and documentation.
The rules prescribe that a corporate applicant must initiate a pre-packaged insolvency resolution process by filing Form-1 with the Adjudicating Authority, accompanied by an affidavit and specified annexures evidencing eligibility under section 54A, details of the corporate debtor, particulars of creditors and defaults, approval and consent of creditors and the proposed resolution professional, audited and provisional financial statements, a statement of affairs, and proof of service to the Insolvency and Bankruptcy Board; filing may be electronic or physical where electronic facilities are unavailable.
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