Abstract
The terms insolvency and bankruptcy are used with reference to the financial position of a person and a corporation or a company. The term Insolvency is a state whereas Bankruptcy is the effect of that act. In legal terms, insolvency is a state where the liabilities of an individual or an organization exceeds its asset and that entity is unable to raise enough cash to meet its obligations or debts as they become due for payment. When an individual is unable to pay off his liabilities and debts then he generally files for bankruptcy. Here he asks for help from the government to pay off his debts to his creditors. This paper analysis the basics of Financial Creditors, Operational Creditors, Jurisdiction and Scope of Home-buyers under Indian Bankruptcy Code.
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