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Initiation of Corporate Insolvency Resolution Process (CIRP)
What is the current minimum default threshold for initiating CIRP under Section 7 of IBC 2016?
The current minimum default threshold is Rupees one crore, enhanced from the original threshold of Rupees one lakh.
What fee must a financial creditor pay when filing a Section 7 application under the Application to Adjudicating Authority Rules, 2016?
Rupees twenty-five thousand as prescribed filing fee.
Who can file an application under Section 7 of IBC 2016 to initiate CIRP against a corporate debtor?
A financial creditor, either individually or jointly with other financial creditors, can file an application under Section 7 to initiate CIRP.
What fee is prescribed for an operational creditor filing a CIRP application under the Application to Adjudicating Authority Rules, 2016?
Rupees two thousand as the prescribed filing fee.
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