Apart from corporations, the insolvency resolution framework under the IBC, 2016, for individuals and PARTNERSHIP FIRMS - and for persons who are corporate GUARANTORS - is provided in:

The IBC, 2016 contemplates insolvency resolution and bankruptcy not only for corporate persons (Part II) but also, through PART III and its enabling provisions, for INDIVIDUALS and PARTNERSHIP FIRMS, and the provisions have been extended to PERSONAL GUARANTORS to corporate debtors (the application under Section 95 initiated by creditors, adjudicated by the NCLT; the commencement and resolution process under the Code). The treatment of personal guarantors is a notable, litigated development. The framework covers the natural-person classes supplementing the corporate regime. Thus the Code's reach is broader than companies alone.