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The Insolvency and Bankruptcy Code, 2016

Chapter IV — BANKRUPTCY ORDER FOR INDIVIDUALS AND PARTNERSHIP FIRMS

Section 121Application for bankruptcy

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Section 121: Application for bankruptcy

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.