The term 'Person' and 'Corporate Person' have been used differently at different places in the Insolvency and Bankruptcy Code, 2016. Define the term person and corporate person and explain the difference between the two.

The terms 'person' and 'corporate person' have been used differently at different places in the Insolvency and Bankruptcy Code, 2016. Though the definitions of 'person', are wide, it will have to be read in context in which the word 'person' has been used. The following definition of 'person' may not apply at each place, where the word person has been used. "Person includes individual, HUF, Company, Trust, Partnership, LLP and any other entity established under the Statutes. It also includes a person resident outside India (Section 3(23) of the Insolvency and Bankruptcy Code, 2016). "Corporate Person" means a company as defined in section 2(20) of the Companies Act, 2013, a limited liability partnership as defined in clause (n) of sub-section (1) of section 2 of the Limited Liability Partnership Act, 2009, or any other persons incorporated with limited liability under any law for the time being in force but shall not include any financial service provider vide section 3(7) of Insolvency and Bankruptcy Code, 2016. In the definition of 'person' the word individual has been used but in the word 'corporate person' such word has not been used. Corporate person, includes person, as has been included in the word person with limited liabilities excluding financial service provider, as defined in section 3(7) of the Code. Definition of Corporate Person completely excludes financial service providers. The reasons are that they are regulated by specialized agency. Thus, the Code does not cover Banks, Financial Institutions, Insurance Companies, ARCs, Mutual Funds or Pension Funds, etc.