(1) A corporate debtor may file an application before the Adjudicating Authority for initiating a pre-packaged insolvency resolution process, along with a resolution plan approved by the financial creditors of the corporate debtor, not being its related parties, representing not less than sixty-six per cent. in value of the financial debt due to such creditors, in such form and manner and accompanied with such fee as may be prescribed.

(2) The corporate debtor shall, along with the application under sub-section (1), furnish—

1. the declaration from the proposed resolution professional under section 54B;
2. the resolution plan approved under sub-section (1); and
3. such other documents and information as may be required.

(3) The Adjudicating Authority shall, within fourteen days of the receipt of an application under sub-section (1), by an order—

1. admit the application, if it is complete; or
2. reject the application, if it is incomplete.