Act Number: 31

Act Name: The Insolvency and Bankruptcy Code, 2016.

Year: 2016

Enactment Date: 2016-05-28

Long Title: An Act to consolidate and amend the laws relating to reorganisation and insolvency resolution of corporate persons, partnership firms and individuals in a time bound manner for maximisation of value of assets of such persons, to promote entrepreneurship, availability of credit and balance the interests of all the stakeholders including alteration in the order of priority of payment of Government dues and to establish an Insolvency and Bankruptcy Board of India, and for matters connected therewith or incidental thereto.

Ministry: Ministry of Corporate Affairs

Department:

Section 121: Application for bankruptcy.
    (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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