Section 121 - Application for bankruptcy. - Insolvency and Bankruptcy Code, 2016

CHAPTER IV BANKRUPTCY ORDER FOR INDIVIDUALS AND PARTNERSHIP FIRMS 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. *********** Notes:- 1. Come into the force w.e.f. 01-12-2019 [F. No. 30/21/2018-Insolvency Section]. S.O. 4126(E) Dated 15-11-2019