IBC 121 — Application for bankruptcy

Insolvency & Bankruptcy Code, 2016

Statutory text

(1) An application for bankruptcy of a debtor may be made, by a creditor individually or jointly with other creditors or by a debtor, to the Adjudicating Authority in the following circumstances, namely;—
(a)  where  an  order  has  been  passed  by  an  Adjudicating  Authority  under  sub-section  4  of section 100; or (b)  where  an  order  has  been  passed  by  an  Adjudicating  Authority  under  sub-section  2  of section 115; or (c)  where  an  order  has  been  passed  by  an  Adjudicating  Authority  under  sub-section  3  of section 118.
(2)  An  application  for  bankruptcy  shall  be  filed  within  a  period  of  three months  of  the  date  of  the order passed by the Adjudicating Authority under the sections referred to in sub-section (1).
(3)  Where  the  debtor  is  a  firm,  the  application  under  sub-section  (1)  may  be  filed  by  any  of  its partners.

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