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IBC | RERA Litigation | NCLT Matters | Latest RERA and IBC Updates How to Initiate IBC Proceedings - Query Legal

How To Initiate IBC Procedings

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;

  1. a) Financial Creditors
  2. b) Operational Creditors
  3. 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
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