(1) The Adjudicating Authority may, after examining the application under section 122 or section 123, pass a bankruptcy order if it is satisfied that—

1. the debtor is unable to pay his debts; and
2. no insolvency resolution process is pending against the debtor.

(2) The Adjudicating Authority shall, before passing a bankruptcy order, issue notice to the debtor to show cause why such order should not be made.