"The Insolvency and Bankruptcy Code, 2016 is one of the biggest economic reforms which provides a uniform and comprehensive insolvency legislation". Enumerate applicability of the Code as per Insolvency and Bankruptcy Co

Section 2 of the Insolvency and Bankruptcy Code, 2016 as amended vide the Insolvency and Bankruptcy Code (Amendment) Act, 2018 provides that the provisions of the Code shall apply to- any company incorporated under the Companies Act, 2013 or under any previous company law, 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, any Limited Liability Partnership incorporated under the Limited Liability Partnership Act, 2008, such other body incorporated under any law for the time being in force, as the Central Government may, by notification, specify in this behalf, personal guarantors to corporate debtors, partnership firms and proprietorship firms, and individuals, other than persons referred to in clause (e) in relation to their insolvency, liquidation, voluntary liquidation or bankruptcy, as the case may be. To initiate an insolvency process for corporate debtors, the default should be at least ₹ 1,00,00,000. This limit was increased from ₹ 1,00,000 to ₹ 1,00,00,000 vide MCA notification dated 24th March, 2020.