As per Insolvency and Bankruptcy Code, 2016 (IBC), the IBC proceedings can be initiated by the following person, against the corporate debtors if such corporate debtors has committed a default;
- a) Financial Creditors
- b) Operational Creditors
- c) Corporate debtor (itself)
FORMS, FEES, AND DOCUMENTS FOR FILING IBC APPLICATION
Following are the requirements under IBC for filing the Application:
| Particulars | Financial Creditor | Operational Creditor | Corporate Debtor |
| Form for filing application | Form 1 | Form 5 | Form 6 |
| Fees to be paid | Rs. 25,000/- | Rs. 2000/- | Rs. 25,000/- |
| Adjudicating Authority or court | NCLT having jurisdiction of the State where registered office of corporate debtors is situated. | NCLT having jurisdiction of the State where registered office of corporate debtors is situated. | NCLT having jurisdiction of the State where registered office of corporate debtors is situated. |
| Notice of Demand | Not Applicable | Form 3 or 4 | Not Applicable |
| Consent of Insolvency professional | Form 2 (compulsory) | Form 2 (optional) | Form 2 (compulsory) |
| Documents for application : | Documents/records/ evidence of default Annexures – (i) Proof of fees paid, (ii) Proof of dispatch of application to corporate debtor
|
Documents/records/ evidence of default
Annexures – (i) Proof of fees paid, (ii) copy of demand notice (iii) copy certificate or bank statement, (iv) affidavit of no- dispute |
Documents/records/ default as prescribed |
