The Insolvency and Bankruptcy Code, 2016
Part-III Insolvency Resolution and Bankruptcy for Individuals and Partnership Firms
Chapter-IV Bankruptcy Order for Individuals and Partnership Firms
Section 121: Application for bankruptcy.
*121. (1) An application for bankruptcy of a debtor may be made, by a creditor individually or jointly with other creditors or by a debtor, to the Adjudicating Authority in the following circumstances, namely;—
(a) where an order has been passed by an Adjudicating Authority under sub-section 4 of section 100; or
(b) where an order has been passed by an Adjudicating Authority under sub-section 2 of section 115; or
(c) where an order has been passed by an Adjudicating Authority under sub-section 3 of section 118.
(2) An application for bankruptcy shall be filed within a period of three months of the date of the order passed by the Adjudicating Authority under the sections referred to in sub-section (1).
(3) Where the debtor is a firm, the application under sub-section (1) may be filed by any of its partners.
*Only in so far as they relate to personal guarantors to corporate debtors, came into force w.e.f. 01.12.2019.
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