https://www.taxtmi.com/acts?id=54060 A financial creditor belonging to a notified class of financial institutions may initiate a creditor-initiated insolvency resolution process against a corporate debtor on default, subject to prescribed conditions. The creditor must obtain approval from financial creditors representing at least fifty-one per cent in value, notify the corporate debtor and allow at least thirty days for representation, and then may appoint a resolution professional if the requirements are met and no disciplinary proceedings are pending. The process begins on public announcement, and no corporate insolvency resolution process or pre-packaged insolvency resolution process may be filed or admitted during the process period. en-us Thu, 09 Apr 2026 10:28:06 +0530 Thu, 09 Apr 2026 16:55:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=54060 A financial creditor belonging to a notified class of financial institutions may initiate a creditor-initiated insolvency resolution process against a corporate debtor on default, subject to prescribed conditions. The creditor must obtain approval from financial creditors representing at least fifty-one per cent in value, notify the corporate debtor and allow at least thirty days for representation, and then may appoint a resolution professional if the requirements are met and no disciplinary proceedings are pending. The process begins on public announcement, and no corporate insolvency resolution process or pre-packaged insolvency resolution process may be filed or admitted during the process period. Act-Rules IBC Thu, 09 Apr 2026 10:28:06 +0530 https://www.taxtmi.com/acts?id=54060