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of <h1>Creditors Can Start Insolvency Process Under Section 95 of IBC 2016 for Partnership Debts, Consolidation Required.</h1> A creditor can initiate an insolvency resolution process under Section 95 of the Insolvency and Bankruptcy Code, 2016, by applying individually, jointly with other creditors, or through a resolution professional to the Adjudicating Authority. This application can target any partner or the entire firm for partnership debts. If multiple applications are made against different partners, they must be consolidated by the same Adjudicating Authority. The application must include details of the debt, evidence of default, and proof of the debtor's failure to pay within 14 days of a demand notice. The creditor must also provide a copy of the application to the debtor.
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