Initiation of corporate insolvency resolution process by financial creditor.

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....tion 21, an application for initiating corporate insolvency resolution process against the corporate debtor shall be filed jointly by not less than one hundred of such creditors in the same class or not less than ten per cent. of the total number of such creditors in the same class, whichever is less: Provided further that for financial creditors who are allottees under a real estate project, an application for initiating corporate insolvency resolution process against the corporate debtor shall be filed jointly by not less than one hundred of such allottees under the same real estate project or not less than ten per cent. of the total number of such allottees under the same real estate project, whichever is less: Provided also that w....

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....om the records of an information utility or on the basis of other evidence furnished by the financial creditor under sub-section (3). ^4[****] ^5[(5) The Adjudicating Authority shall, within fourteen days of the receipt of the application under sub-section (2), by an order- (a) admit the application, if it is satisfied that a default has occurred and the application under sub-section (2) is complete, and there is no disciplinary proceeding pending against the proposed resolution professional; or (b) reject the application, if it is satisfied that a default has not occurred or the application under sub-section (2) is incomplete or a disciplinary proceeding is pending against the proposed resolution professional: ....

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....ate debtor; (b) the order under clause (b) of sub-section (5) to the financial creditor, within seven days of admission or rejection of such application, as the case may be.     ************** NOTES:- ** Come into the force w.e.f. 01-12-2016 [F. N. 30/7/2016-Insolvency] S.O. 3594(E) dated 30-11-2016 1. Substituted vide Section 4 of the Insolvency and Bankruptcy Code (Second Amendment) Act, 2018 w.e.f 06-06-2018 before it was read as, "other financial creditors" 2. Inserted vide Section 3 of the Insolvency and Bankruptcy Code (Amendment) Act, 2019 w.e.f. 16-08-2019 3.  Inserted vide Section 7 of the Insolvency and Bankruptcy Code (Amendment) Act, 2020 w.e.....