10. Initiation of corporate insolvency resolution process by corporate applicant.—
(1) Where a
corporate debtor has committed a default, a corporate applicant thereof may file an application for
initiating corporate insolvency resolution process with the Adjudicating Authority.
(2) The application under sub-section
(1) shall be filed in such form, containing such particulars and
in such manner and accompanied with such fee as may be prescribed.
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[
(3) The corporate applicant shall, along with the application, furnish—
(a) the information relating to its books of account and such other documents for such period as
may be specified;
(b) the information relating to the resolution professional proposed to be appointed as an interim
resolution professional; and
(c) the special resolution passed by shareholders of the corporate debtor or the resolution passed by at
least three-fourth of the total number of partners of the corporate debtor, as the case may be, approving
filing of the application.];
(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; 3[and no disciplinary proceeding is pending against the
proposed resolution professional] or
(b) reject the application, if it is incomplete: 3[or any disciplinary proceeding is pending against
the proposed resolution professional]
1. Subs. by Act 26 of 2018, s. 6, for “repayment” (w.e.f. 6-6-2018).
2. Subs. by s. 7, ibid., for “section 10 of sub-section
(3)” (w.e.f. 6-6-2018).
3. Ins. by s. 7, ibid. (w.e.f. 6-6-2018).
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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 insolvency resolution process shall commence from the date of admission of the
application under sub-section
(4) of this section.
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