Bankruptcy application rules govern who may apply, when filing is allowed, and how partnership firms may proceed. An application for bankruptcy of a debtor may be made to the Adjudicating Authority by a creditor, jointly by creditors, or by the debtor only after specified insolvency-related orders have been passed. The application must be filed within three months of the relevant order. Where the debtor is a firm, any partner may file the application on behalf of the firm. The provision functions as a procedural gateway to bankruptcy proceedings for individuals and partnership firms.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Bankruptcy application rules govern who may apply, when filing is allowed, and how partnership firms may proceed.
An application for bankruptcy of a debtor may be made to the Adjudicating Authority by a creditor, jointly by creditors, or by the debtor only after specified insolvency-related orders have been passed. The application must be filed within three months of the relevant order. Where the debtor is a firm, any partner may file the application on behalf of the firm. The provision functions as a procedural gateway to bankruptcy proceedings for individuals and partnership firms.
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