Application by creditor
Section 123 of the Insolvency and Bankruptcy Code, 2016 deals with application by creditor. The application for bankruptcy by the creditor shall be accompanied by— (a) the records of insolvency resolution process undertaken under Chapter III; The Act was enacted on 28 May 2016.
(1) The application for bankruptcy by the creditor shall be accompanied by—
(a) the records of insolvency resolution process undertaken under Chapter III;
(b) a copy of the order passed by the Adjudicating Authority under Chapter III permitting the creditor to apply for bankruptcy;
(c) details of the debts owed by the debtor to the creditor as on the date of the application for bankruptcy; and
(d) such other information as may be prescribed.
(2) An application under sub-section (1) made in respect of a debt which is secured, shall be accompanied with—
(a) a statement by the creditor having the right to enforce the security that he shall, in the event of a bankruptcy order being made, give up his security for the benefit of all the creditors of the bankrupt; or
(b) a statement by the creditor stating—
(i) that the application for bankruptcy is only in respect of the unsecured part of the debt; and
(ii) an estimated value of the unsecured part of the debt.
(3) If a secured creditor makes an application for bankruptcy and submits a statement under clause (b) of sub-section (2), the secured and unsecured parts of the debt shall be treated as separate debts.
(4) The creditor may propose an insolvency professional as the bankruptcy trustee in the application for bankruptcy.
(5) An application for bankruptcy under sub-section (1), in case of a deceased debtor, may be filed against his legal representatives.
(6) The application for bankruptcy shall be in such form and manner and accompanied by such fee as may be prescribed.
(7) An application for bankruptcy by the creditor shall not be withdrawn without the permission of the Adjudicating Authority.
Section 123, The Insolvency and Bankruptcy Code, 2016 (Act 31 of 2016).
Cross-references
Extracted from the operative text of the enactments themselves. Every destination below exists in our corpus.
Made under this section, and citing it
1 instrument names this provision in its title or its text without being made under it.
Questions about Section 123
What does Section 123 of the Insolvency and Bankruptcy Code deal with?
Section 123 of the Insolvency and Bankruptcy Code is headed "Application by creditor". The application for bankruptcy by the creditor shall be accompanied by— (a) the records of insolvency resolution process undertaken under Chapter III;
How do I find court cases under Section 123 of the Insolvency and Bankruptcy Code?
In judgments and charge sheets this section is written several ways, and each form finds a different set of orders. These search the full text of every order eCourtsIndia holds, best matches first: Insolvency and Bankruptcy Code 123, section 123 Insolvency and Bankruptcy Code, section 123 of the Insolvency and Bankruptcy Code. Each opens the full list of orders on eCourtsIndia, where it can be narrowed by court, year and outcome.
What should I read with Section 123 of the Insolvency and Bankruptcy Code, and has it changed?
5 other provisions in this corpus refer back to it. One instrument names it without being made under it, most recently Insolvency and Bankruptcy (Application to Adjudicating Authority for Bankruptcy Process for Personal Guarantors to Corporate Debtors) Rules, 2019 dated 15.11.2019 (2019).
When was Section 123 of the Insolvency and Bankruptcy Code enacted?
Section 123 of the Insolvency and Bankruptcy Code, cited as Insolvency and Bankruptcy Code 123, was enacted on 28 May 2016 as Act 31 of 2016. It is in force as at the date shown on this page.
Other sections of this Act
- 240. Power to make regulations2349 words
- 5. Definitions2326 words
- 3. Definitions1381 words
- 29A. Person not eligible to be resolution applicant1152 words
- 239. Power to make rules963 words
- 196. Powers and functions of Board942 words
Source and method. Compiled from the enactments of Parliament and of the State legislatures as published on India Code, and republished together with commentary and other original matter under section 52(1)(q)(ii) of the Copyright Act, 1957. Structured, cross-referenced and maintained by eCourtsIndia. Text as in force on 17 Oct 2026. This page is not a substitute for legal advice.