Section 9(5) in Insolvency And Bankruptcy Code, 2016
(5)The Adjudicating Authority shall, within fourteen days of the receipt of the application under sub-section (2), by an order-(i)admit the application and communicate such decision to the operational creditor and the corporate debtor if,-(a)the application made under sub-section (2) is complete;(b)there is no [payment] [Substituted 'repayment' by Act No. 26 of 2018, dated 17.8.2018.] of the unpaid operational debt;(c)the invoice or notice for payment to the corporate debtor has been delivered by the operational creditor;(d)no notice of dispute has been received by the operational creditor or there is no record of dispute in the information utility; and(e)there is no disciplinary proceeding pending against any resolution professional proposed under sub-section (4), if any.(ii)reject the application and communicate such decision to the operational creditor and the corporate debtor, if-(a)the application made under sub-section (2) is incomplete;(b)there has been [payment] [Substituted 'repayment' by Act No. 26 of 2018, dated 17.8.2018.] of the unpaid operational debt;(c)the creditor has not delivered the invoice or notice for payment to the corporate debtor;(d)notice of dispute has been received by the operational creditor or there is a record of dispute in the information utility; or(e)any disciplinary proceeding is pending against any proposed resolution professional:Provided that Adjudicating Authority, shall before rejecting an application under sub-clause (a) of clause (ii) give a notice to the applicant to rectify the defect in his application within seven days of the date of receipt of such notice from the adjudicating Authority.
