As per the Insolvency and Bankruptcy Code, 2016, the

Solution

Section 9-Application for initiation of corporate insolvency resolution process by operational creditor: (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 nopayment 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 beenpayment 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 subclause (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.