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There are Lakhs of aggrieved persons viz Financial and Operational Creditors all over the Country whose payment is pending from the Debtors, Financial Institutions and the real-estate agencies and they have not paid the dues of the abovesaid aggrieved persons till date. After the action was taken, many aggrieved persons and the companies came out seeking solution for the same. As a result of which, the government of India has enacted the Insolvency and Bankruptcy Code, 2016, wherein it provides a chance to both the operational and the financial creditors to approach the NCLT and file the necessary application under Section 7 and Section 9 of the IBC for recovery of their unpaid debt.

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