In India, insolvency has become a preferred mode for creditors to enforce theirrights under a contract and/or a statute. The Insolvency and Bankruptcy Code, 2016 recognises these rights primarily for two types of creditors, financial and operational.
On admission of an application filed by any such creditor, the corporate insolvency resolution process commences. An order of initiation of the process declares the corporate to be insolvent against the world at large. Thus, such a judgment passed under the insolvency jurisdiction is a judgment in rem.
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