As per Section 9 of Insolvency and Bankruptcy Code, 2016 (‘IBC’/ ‘the Code’), an operational creditor can file an application for initiation of the Corporate Insolvency Resolution Process (‘CIRP’). Section 5(20) of IBC defines an operational creditor as a ‘person’ to whom an operational debt is owed and includes ‘any person’ to whom such debt has been legally assigned or transferred. Correspondingly, Section 3(23) of IBC states that a ‘person’ includes an individual, a Hindu Undivided Family, a company, a trust, a partnership, a limited liability partnership and any other entity established by a statute and includes a person resident outside India. Read More