In India, there was a need to enact a single statute encompassing provisions to resolve insolvency for companies, limited liability partnerships, partnership firms and individuals. In light of the.
The public sector lender IDBI Bank had filed the petition under section 7 of the Insolvency and Bankruptcy Code (IBC), which allows a financial creditor to file an application for initiating CIRP against a corporate debtor before the adjudicating authority.