Section 2 of IBC – Insolvency and Bankruptcy Code, 2016 : Application

The Insolvency and Bankruptcy Code, 2016

Part-I Preliminary

Section 2: Application.

*2. The provisions of this Code shall apply to—

(a) any company incorporated under the Companies Act, 2013 or under any previous company law;

(b) any other company governed by any special Act for the time being in force, except in so far as the said provisions are inconsistent with the provisions of such special Act;

(c) any Limited Liability Partnership incorporated under the Limited Liability Partnership Act, 2008;

(d) such other body incorporated under any law for the time being in force, as the Central Government may, by notification, specify in this behalf; 1[***]

2[(e) personal guarantors to corporate debtors;

(f) partnership firms and proprietorship firms; and

(g) individuals, other than persons referred to in clause (e).]

in relation to their insolvency, liquidation, voluntary liquidation or bankruptcy, as the case may be.



*Effective from:

Notification No. Notification Date w.e.f. Provisions brought into force
S.O. 3594(E) 30.11.2016 01.12.2016 Clause (a) to clause (d) of Section 2 (except with regard to voluntary liquidation or Bankruptcy.
S.O. 1570(E) 15.05.2017 01.04.2017 Clause (a) to clause (d) of section 2 relating to voluntary liquidation or bankruptcy
S.O. 4126(E) 15.11.2019 01.12.2019 Section 2(e) of the Code only in so far as they relate to personal guarantors to corporate debtors.

1. The word “and” omitted by the Insolvency and Bankruptcy Code (Amendment) Act, 2018, w.e.f. 23.11.2017.

2. Subs. by the Insolvency and Bankruptcy Code (Amendment) Act, 2018, w.e.f. 23.11.2017, for the clause as under:

“(e) partnership firms and individuals,”

Access complete Bare Act here and Notification and Circular here.

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