IBC 122 — Application by debtor

Insolvency & Bankruptcy Code, 2016

Statutory text

(1) The application for bankruptcy by the debtor shall be accompanied by—

(a) the records of insolvency resolution process undertaken under Chapter III of Part III;
(b) the  statement of affairs of the  debtor in such form and  manner as may be  prescribed, on the date of the application for bankruptcy; and (c)  a  copy  of  the  order  passed  by  the  Adjudicating  Authority  under  Chapter  III  of  Part  III
permitting the debtor to apply for bankruptcy.
(2) The debtor may propose an insolvency professional as the bankruptcy trustee in the application for bankruptcy.
(3) The application referred to in sub-section (1) shall be in such form and manner and accompanied by such fee as may be prescribed.
(4)  An  application  for  bankruptcy  by  the  debtor  shall  not  be  withdrawn  without  the  leave  of  the Adjudicating Authority.

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