The Insolvency and Bankruptcy Code, 2016
PART III
Insolvency Resolution and Bankruptcy for Individuals and Partnership Firms
CHAPTER V
Administration and Distribution of The Estate of the Bankrupt
Section 172: Proof of debt by secured creditors:
*172. (1) Where a secured creditor realises his security, he may produce proof of the balance due to him.
(2) Where a secured creditor surrenders his security to the bankruptcy trustee for the general benefit of the creditors, he may produce proof of his whole claim.
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Notifications & Circulars
*Only in so far as they relate to personal guarantors to corporate debtors, shall come into force w.e.f. 01.12.2019.
