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of <h1>Debtor Can Initiate Insolvency Process Under Section 94 of Insolvency and Bankruptcy Code, 2016, With Specific Conditions</h1> Under Section 94 of the Insolvency and Bankruptcy Code, 2016, a debtor who defaults may apply to initiate an insolvency resolution process either personally or through a resolution professional. If the debtor is a partner in a firm, the application can only be made jointly by all or a majority of the partners. The application must not involve excluded debts and cannot be made if the debtor is an undischarged bankrupt, undergoing certain insolvency processes, or if a similar application was admitted within the past year. The application must follow prescribed forms and fees.
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