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of <h1>Section 123: How Creditors Can Apply for Bankruptcy Orders Against Individuals and Firms Under Insolvency and Bankruptcy Code 2016.</h1> Section 123 of the Insolvency and Bankruptcy Code, 2016, outlines the procedure for creditors to apply for a bankruptcy order against individuals and partnership firms. The application must include records of the insolvency resolution process, an order from the Adjudicating Authority, details of debts owed, and other prescribed information. If the debt is secured, the creditor must either relinquish the security for all creditors' benefit or specify the unsecured debt portion. The creditor may propose a bankruptcy trustee, and applications can be filed against deceased debtors' legal representatives. Withdrawal of the application requires Adjudicating Authority approval.
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