The Parliament of India in the year 2016 have enacted a historic legislation. Corporate Insolvency under Insolvency and Bankruptcy Code, 2016, which among other things, replaces the Winding up jurisdiction of High Courts, with "Insolvency Resolution Application" to be filed before National Company Law Tribunal (NCLT). In the new regime, among other irrational things, the law expects that an aggrieved person would be invoking the jurisdiction of the Court for the benefit of his adversary. Just imagine the absurdity of the law. May read further – A first look at the new Regime marched from 15.12.2016, under the Insolvency and Bankruptcy Code, 2016, replacing thereby the erstwhile regime of Winding up of Company Petitions which were filed under Companies Act, 1956. The amount of debt for which the new jurisdiction can be invoked: Rs.1.00 Lakh. (Section 4) Who can file: Financial creditor, Operational creditor, or the Corporate debtor itself. (Secti...