9. (1) After the expiry of the period of ten days from the date of
delivery of the notice or invoice demanding payment under sub-section (1) of
section 8, if the
operational creditor does not receive payment from the corporate debtor or
notice of the dispute under sub-section (2) of section 8, the operational
creditor may file an application before the Adjudicating Authority for
initiating a corporate insolvency resolution process.
(2) The application under sub-section (1) shall be filed in such form and
manner and accompanied with such fee as may be prescribed.
(3) The operational creditor shall, along with the application furnish-
(a) a copy of the invoice demanding payment or demand notice delivered by
the operational creditor to the corporate debtor;
(b) an affidavit to the effect that there is no notice given by the
corporate debtor relating to a dispute of the unpaid operational debt;
(c) a copy of the certificate from the financial institutions
maintaining accounts of the operational creditor confirming that there is no
payment of an unpaid operational debt by the corporate debtor; and
(d) such other information as may be specified.
(4) An operational creditor initiating a corporate insolvency resolution
process under this section, may propose a resolution professional to act as
an interim resolution professional.
(5) The Adjudicating Authority shall, within fourteen days of the receipt of
the application under sub-section (2), by an order-
(i) admit the application and communicate such decision to the operational
creditor and the corporate debtor if,-
(a) the application made under sub-section (2) is complete;
(b) there is no repayment of the unpaid operational debt;
(c) the invoice or notice for payment to the corporate debtor has been
delivered by the operational creditor;
(d) no notice of dispute has been received by the operational creditor or
there is no record of dispute in the information utility; and
(e) there is no disciplinary proceeding pending against any resolution
professional proposed under sub-section (4), if any.
(ii) reject the application and communicate such decision to the operational
creditor and the corporate debtor, if-
(a) the application made under sub-section (2) is incomplete;
(b) there has been repayment of the unpaid operational debt;
(c) the creditor has not delivered the invoice or notice for payment to the
corporate debtor;
(d) notice of dispute has been received by the operational creditor or there
is a record of dispute in the information utility; or
(e) any disciplinary proceeding is pending against any proposed resolution
professional:
Provided that Adjudicating Authority, shall before rejecting an application
under subclause
(a) of clause (ii) 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.
(6) The corporate insolvency resolution process shall commence from the date
of admission of the application under sub-section (5) of this section.
10. (1) Where a corporate debtor has committed a default, a corporate
applicant thereof may file an application for initiating corporate
insolvency resolution process with the Adjudicating Authority.
(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-
(a) its books of account and such other documents relating to such period as
may be specified; and
(b) the resolution professional proposed to be appointed 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-
(a) admit the application, if it is complete; or
(b) reject the application, if it is incomplete:
Provided that Adjudicating Authority shall, before rejecting an application,
give a notice to the applicant to rectify the defects in his application
within seven days from the date of receipt of such notice from the
Adjudicating Authority.
(5) The corporate insolvency resolution process shall commence from the date
of admission of the application under sub-section (4) of this section.