Tribunals

Application by Corporate Applicant to Initiate CIRP under Section 10 IBC

This is a self-initiated application by a corporate debtor to commence its own Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code, 2016. It is the prescribed instrument for a company, LLP, or partnership firm that has defaulted on a debt and seeks a formal resolution process.

The application is filed before the National Company Law Tribunal (NCLT) under Section 10 of the IBC, read with Rule 7 of the IBC (Application to Adjudicating Authority) Rules, 2016. The prescribed format is Form 6, and the corporate debtor is the sole applicant with no respondent.

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Governing law
Insolvency and Bankruptcy Code 2016 s.10 + IBC (Application to Adjudicating Authority) Rules 2016 Rule 7
Sections
s. Section 10, IBC 2016s. Rule 7, IBC (Application to Adjudicating Authority) Rules 2016s. Form 6, IBC (Application to Adjudicating Authority) Rules 2016s. Section 11, IBC 2016s. Section 14, IBC 2016
Filed before
National Company Law Tribunal (NCLT)

When this is the right filing

  • When a corporate debtor (company, LLP, or partnership firm) has committed a default and is insolvent.
  • When the corporate debtor's management resolves to voluntarily enter the CIRP process.
  • When a special resolution by shareholders (or a resolution by three-fourths of partners for a non-company) has been passed to approve the filing.
  • Do not use this form if a financial creditor, operational creditor, or any other third party is initiating the CIRP against the corporate debtor; separate application forms are prescribed for those creditors.

What the court looks for

  • A validly passed special resolution or three-fourths partner resolution approving the application, with the exact date of the resolution.
  • Complete particulars of the corporate applicant and its books of accounts, establishing its status as a corporate debtor.
  • Full disclosure of the debt, the default, and the particulars of the proposed Interim Resolution Professional.
  • A complete record of documents and annexures as required under the prescribed Form 6 structure.
  • Certification that the applicant is not disqualified under Section 11 of the IBC from initiating the process.

The structure the court expects

The components of the filed format, in the order they appear. LexPilot fills every one of them from your facts and papers.

  1. 1Part – i — particulars of the corporate applicant / corporate debtor
  2. 2Part – ii — particulars of the proposed interim resolution professional
  3. 3Part – iii — particulars of the debt and default
  4. 4Part – iv — list of documents / records attached
  5. 5Certification
  6. 6Relief(s) sought
  7. 7List of annexures
  8. 8Form no. nclt 6
How it opens
(a) the special resolution / resolution of three-fourths of the partners of the corporate applicant approving this application was duly passed on [special resolution date];

Bracketed items are filled from your case.

Frequently asked questions

Is a special resolution mandatory for a company to file this application?

Yes. A special resolution passed by the shareholders is mandatory for a company to approve the filing of a Section 10 application. For a partnership firm or LLP, a resolution passed by at least three-fourths of the partners is required.

Who is the respondent in a Section 10 application?

There is no respondent. The corporate debtor is the sole applicant in a self-initiated CIRP under Section 10 of the IBC. The application is a voluntary submission by the debtor's own management.

What happens to the management of the company after this application is admitted?

Upon admission of the application, a moratorium under Section 14 of the IBC comes into effect, and an Interim Resolution Professional takes over the management of the affairs of the corporate debtor. The board of directors' powers are suspended and vest in the resolution professional.

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