(1) If the corporate debtor has any objection to the commencement of the process under section 58B, it may file an application to the Adjudicating Authority within a period of thirty days from the creditor-initiated insolvency commencement date in such form and manner as may be specified, accompanied with such fee as may be prescribed.
(2) Where the Adjudicating Authority, pursuant to an application under sub-section (1) is satisfied that–
(a) a default has not occurred or both a default has not occurred and the initiation of the creditor-initiated insolvency resolution process was in contravention of section 58A or 58B, it may, by order, declare the commencement of the process to be void ab-initio;
(b) a default has occurred, however, the initiation of the creditor-initiated insolvency resolution process was in contravention of section 58A or 58B, it shall, convert the
creditor-initiated insolvency resolution process to corporate insolvency resolution process and pass an order as referred to in sub-clauses (i) to (v) of sub-section (1) of section 58H.
(3) The Adjudicating Authority shall pass an order under sub-section (2), within a period of thirty days from the date of receipt of the application under sub-section (1):
Provided that if the Adjudicating Authority has not passed an order within such period, it shall record the reasons for such delay in writing.