Persons who may initiate corporate insolvency resolution process [ Section 6] - Insolvency Resolution And Liquidation For Corporate Persons - IBC

Introduction of Corporate Insolvency Resolution Process Persons who may initiate corporate insolvency resolution process As per Section 6 of Insolvency Bankruptcy 2016 Where any corporate debtor commits a default, a financial creditor, an operational creditor or the corporate debtor itself may initiate corporate insolvency resolution process in respect of such corporate debtor in the manner as provided under this Chapter. Provisions and procedures relating to each initiator are different. Accordingly, the application may be made by:- Financial Creditors , Any person to whom a financial debt is owned including a person whom such debt is legally assigned or transferred to. Operation Creditor , any person to whom a operational debt is owned includes a person to whom such debt is legally assigned or transferred. Corporate Debtor , a corporate debtor who owns a debt to any person. CORPORATE INSOLVENCY RESOLUTION PROCESS A comprehensive process that covers the gamut of insolvency resolution framework for Corporates and includes processes relating to:- Filing of application before NCLT by a financial creditor, operational creditor or a corporate applicant Adjudication: Admission or Rejection of application Moratorium and Public Announcement Appointment of Interim Resolution Professional Formation of the Committee of Creditors Appointment of Resolution Professional Taking control and managing the operations of the corporate debtor by the resolution professional Appointment of Registered Valuers Preparation of Information memorandum Invitation for Expression of Interest Submission of Expression of Interest by prospective resolution applicants Preparation of provisional and final list of resolution applicants by the Resolution Professional. Issue of Request for Resolution Plan (RFRP), Information Memorandum and Evaluation Matrix to all the prospective resolution applicants Submission of Resolution Plan by resolution applicants in the final list Approval or rejection of the Resolution Plan by the CoC Approval or rejection of the Resolution Plan by the NCLT (Adjudicating Authority)