Define "bankrupt" under Insolvency and Bankruptcy Code, 2016.
CS Professional · Corporate Restructuring, Insolvency, Liquidation & Winding-up · PYQS · June 2019
Define "bankrupt" under Insolvency and Bankruptcy Code, 2016.
Answer & Explanation:
Section 79(4) of the Insolvency and Bankruptcy Code, 2016 defines the term 'bankruptcy' as the state of being bankrupt. According to section 79(3) of the Insolvency and Bankruptcy Code, 2016 'bankrupt' means: a debtor who has been adjudged as bankrupt by a bankruptcy order under section 126; each of the partners of a firm, where a bankruptcy order under section 126 has been made against a firm; or any person adjudged as an undischarged insolvent.
Topics: Insolvency and Bankruptcy Code, 2016
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