Corporate Insolvency Resolution Process (CIRP for short) against a corporate debtor may be initiated by a financial creditor under Section 7 of the Corporate Insolvency and Bankruptcy Code, 2016 (Code for Short) or by an operational creditor under Section 9 of the Code. Section 10 of the Code allows a corporate applicant to file an application if the corporate debtor committed a default.
Section 5(5) of the Code defines the expression corporate applicant as-
- corporate debtor; or
- a member or partner of the corporate debtor who is authorized to make an application for the corporate insolvency resolution process or the pre-packaged insolvency resolution process, as the case may be, under the constitutional document of the corporate debto…
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