Insolvency and Bankruptcy Code, 2016. · Chapter III: Insolvency Resolution Process
Section 94: Application by debtor to initiate insolvency resolution process
(1) A debtor who commits a default may apply, either personally or through a resolution professional, to the Adjudicating Authority for initiating the insolvency resolution process, by submitting an application.
(2) Where the debtor is a partner of a firm, such debtor shall not apply under this Chapter to the Adjudicating Authority in respect of the firm unless all or a majority of the partners of the firm file the application jointly.
(3) An application under sub-section (1) shall be submitted only in respect of debts which are not excluded debts.
(4) A debtor shall not be entitled to make an application under sub-section (1) if he is—
(a) an undischarged bankrupt;
(b) undergoing a fresh start process;
(c) undergoing an insolvency resolution process; or
(d) undergoing a bankruptcy process.
(5) A debtor shall not be eligible to apply under sub-section (1) if an application under this Chapter has been admitted in respect of the debtor during the period of twelve months preceding the date of submission of the application under this section.
(6) The application referred to in sub-section (1) shall be in such form and manner and accompanied with such fee as may be prescribed.
Source: India Code (indiacode.gov.in), the consolidated text published by the Legislative Department, Government of India. Text as updated on India Code on 12 September 2026. Words in square brackets [ ] were inserted or substituted by later amending Acts, and *** marks words omitted by an amendment. The amendment footnotes are not reproduced here. Official text on India Code.
Supreme Court judgments citing the section 94
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Rakesh Bhanot v. M/s. Gurdas Agro Pvt. Ltd.
Issue arose whether the proceedings initiated against the appellants u/s.138 rw s.141 of the Negotiable Instruments Act should be stayed in view of the interim moratorium u/s.96 of the Insolvency and Bankruptcy Code,…
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Saranga Anilkumar Aggarwal v. Bhavesh Dhirajlal Sheth & Ors.
Whether the execution of penalty orders passed by the NCDRC can be stayed under the interim moratorium provisions of s.96 of the Insolvency and Bankruptcy Code, 2016.
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Dilip B Jiwrajka v. Union of India & Ors
Constitutional validity of ss.95 to 100 of the Insolvency and Bankruptcy Code, 2016.