(1) A debtor who commits a default may apply, either personally or through a resolution professional, to the Adjudicating Authority for initiating an insolvency resolution process, by submitting an application.

(2) An application under sub-section (1) shall be in such form and manner and accompanied by such fee as may be prescribed.

(3) The debtor shall, along with the application, furnish evidence of the default and his books of account and such other documents relating to his affairs for such period as may be specified.