Q: What is corporate applicant ?

Ans: Corporate Applicant: The term 'Corporate Applicant' is defined under Section 5(5) of the IBC to include the company itself and any member, partner or individual who is authorised to supervise or control the affairs of the company. When a Corporate Debtor commits a default, a corporate applicant can initiate insolvency in terms of Section 10 of the IBC. In simple words, when a company becomes a corporate debtor and it wants to initiate a corporate insolvency resolution process against itself, such a corporate debtor being the corporate applicant can file a Petition under Section 10 of the IBC.

It is to be noted here that company is corporate applicant who renders credit and company is also a corporate debtor and since every member of company is corporate debtor, so any member can file petition under Section 10 of IBC . 

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