(1) Where a corporate debtor has committed a default, a corporate applicant thereof may file an application before the Adjudicating Authority for initiating corporate insolvency resolution process.
(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.
(3) The corporate applicant shall, along with the application furnish the information relating to—
- its books of account and such other documents for such period as may be specified; and
- the resolution professional proposed to act 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—
- admit the application, if it is complete; or
- reject the application, if it is incomplete:
Provided that the Adjudicating Authority shall, before rejecting an application, give a notice to the applicant to rectify the defect in his application within seven days of the date of receipt of such notice from the Adjudicating Authority.