Under the Insolvency and Bankruptcy Code, 2016 (IBC), Section 7 deals with initiation of Corporate Insolvency Resolution Process (CIRP) by a Financial Creditor (FC). Accordingly, a financial creditor either by itself or jointly with 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.
For this, the financial creditor shall make an application and along with the application furnish –
- record of the default recorded with the information utility or such other record or evidence of default as may be …
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