2017 (3) TMI 1815

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....ead with Rule 7 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016. The definition of Corporate Applicant includes Corporate Debtor. The Company Petitioner seeks relief to initiate corporate insolvency resolution process in respect of JEKPL Private Limited was filed on 3rd March, 2017 which is taken on record. As per the Section 5(5) of the code "'corporate applicant" means- (a) corporate debtor; or (b) a member or partner of the corporate debtor who is authorised to make an application for the corporate insolvency resolution process under the constitutional document of the corporate debtor; or (c) an individual who is in charge of managing the opera....

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....ating to- (a) its books Of account and such other documents relating to such period as may be specified; and (b) the resolution professional proposed to be appointed as an interim resolution professional. (4) The Adjudicating Authority shall, within a period of fourteen days of the receipt of the application, by an order- (a) admit the application, if it is complete; or (b) reject the application, if it is incomplete: Provided that Adjudicating Authority shall, before rejecting an application, give a notice to the applicant to rectify the defects in his application within seven days from the date Of receipt of such notice from the Adjudicating Authority. (5) The corporate insolv....