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.