Procedure to initiate corporate insolvency by financial creditors

Financial creditors can be defined under section 5(7) of IBC and the procedure to initiate corporate insolvency by financial creditor are defined under section 7 of IBC . A Financial Creditor can initiate proceeding against the Corporate debtor under section 7 and the financial creditor needs to file an application before the National Company Law Tribunal (NCLT) with a demand draft of Rs 25000/- in favor of "Pay & Accounts Officer ,Ministry of Corporate Affairs".

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