Filing of Company Application:

An application to be filed in Form NCLT-1 with all the important documents mentioned under Rule 3 of the act, an Affidavit, and the fees prescribes by the rules.

Hearing of Company Application:

The tribunal will consider the application and pass an order.

Order of the Tribunal:

The tribunal may order a meeting of all the members and creditors of the company to know their opinion on the matter.

Notice of the Meeting:

A notice to all the members, creditors, and debenture holders, SEBI, Stock Exchange, Newspaper (English and a regional), Central Government, RBI, Income Tax Authority, and competition commission of India will be provided.

Voting at the Meeting:

The voting process will be conducted among the members and credits of the company either by physical means or by proxy or by the portal ballet or by electronic means within 1 month.

Objections can be made within 1 month only by those people who hold a minimum of 10% of the share capital of the company or a minimum of 5% of the outstanding debt.