Persons not entitled to make application The following persons shall not be entitled to make an application to initiate corporate insolvency resolution process under this Chapter, namely: – (a) a corporate debtor undergoing a corporate insolvency resolution process 1[or a pre-packaged insolvency resolution process]; or 2[(aa) a financial creditor or an operational creditor of a corporate debtor undergoing a […]

Suspension of initiation of corporate insolvency resolution process. Notwithstanding anything contained in sections 7, 9 and 10, no application for initiation of corporate insolvency resolution process of a corporate debtor shall be filed, for any default arising on or after 25th March, 2020 for a period of six months or such further period, not exceeding one year from such

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

Application for initiation of corporate insolvency resolution process by operational creditor (1) After the expiry of the period of ten days from the date of delivery of the notice or invoice demanding payment under sub-sections (1) of section 8, if the operational creditor does not receive payment from the corporate debtor or notice of the dispute under subsection (2) of section 8, the operational creditor may file an application

Insolvency resolution by operational creditor (1) An operational creditor may, on the occurrence of a default, deliver a demand notice of unpaid operational debt or copy of an invoice demanding payment of the amount involved in the default to the corporate debtor in such form and manner as may be prescribed. (2) The corporate debtor shall, within a period of ten days of the receipt of the

Initiation of corporate insolvency resolution process by financial creditor. (1) A financial creditor either by itself or jointly with 1[other financial creditors, or any other person on behalf of the financial creditor, as may be notified by the Central Government] may file an application for initiating corporate insolvency resolution process against a corporate debtor before the Adjudicating Authority when a default has occurred. 2[Provided that for the financial creditors,

Persons who may initiate corporate insolvency resolution process Where any corporate debtor commits a default, a financial creditor, an operational creditor or the corporate debtor itself may initiate corporate insolvency resolution process in respect of such corporate debtor in the manner as provided under this Chapter. Practice area’s of B K Goyal & Co LLP Income Tax Return Filing | Income Tax Appeal | Income Tax