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Initiation of corporate insolvency resolution process by financial creditor.

Section 7 - Act - CORPORATE INSOLVENCY RESOLUTION PROCESS - Insolvency and Bankruptcy Code, 2016 - Section 7 - 7. (1) A financial creditor either by itself or jointly with 1[other financial creditors, or any other person on behalf of the financial cr .....

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ses of this sub-section, a default includes a default in respect of a financial debt owed not only to the applicant financial creditor but to any other financial creditor of the corporate debtor. (2) The financial creditor shall make an application u .....

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rd or evidence of default as may be specified; (b) the name of the resolution professional proposed to act as an interim resolution professional; and (c) any other information as may be specified by the Board. (4) The Adjudicating Authority shall, wi .....

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5) Where the Adjudicating Authority is satisfied that- (a) a default has occurred and the application under sub-section (2) is complete, and there is no disciplinary proceedings pending against the proposed resolution professional, it may, by order, .....

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