Introduction
Of the three gateways into a Corporate Insolvency Resolution Process under the Insolvency and Bankruptcy Code, 2016 – Sections 7, 9, and 10 – Section 10 stands apart as the only route where the corporate debtor itself pulls the trigger. Rather than waiting for a financial or operational creditor to move the NCLT, the company’s own board, or the partners of an LLP, can voluntarily file for CIRP once a default has occurred. Historically the least-used of the three routes in volume terms, Section 10 nonetheless carries its own procedural discipline – and the IBC (Amendment) Act, 2026 has now materially reshaped how it operates. This article covers the mechanics of Section 10, the corporate governance requirements…