Insolvency and Bankruptcy Code applicability covers companies, LLPs, guarantors, firms and individuals, with financial service providers generally excluded.

The Insolvency and Bankruptcy Code, 2016 applies to companies, limited liability partnerships, notified bodies, personal guarantors to corporate debtors, partnership firms, proprietorship firms and individuals, in relation to insolvency, liquidation, voluntary liquidation or bankruptcy. It does not ordinarily extend to financial service providers such as banks, financial institutions, insurance companies, asset reconstruction companies, mutual funds, collective investment schemes and pension funds, though financial service providers may be notified for insolvency and liquidation proceedings.

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