Free Resource

Section 7 Readiness

For financial creditors — ten questions on whether your application is likely to meet the Code's basic requirements.

Version: v1.0 Last Reviewed: 28 July 2026 Scope: General guidance under the Insolvency and Bankruptcy Code, 2016 (as amended); not a substitute for case-specific advice
Please note: This resource provides general educational information about the Insolvency and Bankruptcy Code, 2016, as it generally stands. It does not review your specific facts, does not constitute legal advice, and does not create an advocate-client relationship. Insolvency law is procedurally strict and time-sensitive — for guidance specific to your situation, please book a consultation.
1. Do you have documentary evidence of a financial debt owed to you (loan agreement, sanction letter, bank statements)?
2. Is the debt a “financial debt” as defined under the Code — disbursed against consideration for the time value of money?
3. Has an actual default occurred — non-payment of an amount that is due and payable?
4. Does the default amount meet the minimum threshold currently prescribed under the Code?
5. Do you have clear records establishing the date of default?
6. Have you identified a proposed Interim Resolution Professional and obtained their written consent?
7. Have you prepared the application in the prescribed form under the applicable Adjudicating Authority Rules?
8. Do you have a clear record of the corporate debtor's registered office, for identifying the correct NCLT bench?
9. Have you considered whether other recovery remedies (SARFAESI, arbitration, civil suit) might resolve this faster, or should run in parallel?
10. Has this application been reviewed by counsel before filing?

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