Well, insolvency is a financial state where you are unable to pay your debts. The declaration of such a state is called bankruptcy. The definitions of these are same in India as everywhere else. How these are handled in India makes the difference!

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2.  Insolvency is a state of being where an
entity is not able to repay the debts to
its creditors within the prescribed
time
 The insolvent entity/insolvent debtor
can either be a person or a company
 If the debtor is a company, then they
are referred to as corporate debtors
 The creditors can either be
operational or financial creditors

3.  Bankruptcy refers to a declaration
of insolvency
 It is only after this declaration that
the Insolvency and Bankruptcy
Board of India steps in
 Bankruptcy declaration can either
be filed by the debtor or the
creditors
 When bankruptcy is declared,
insolvency resolution process is
initiated.

4.  Insolvency in business refers to when a company has gone insolvent.
 It is a case when the company is not able to pay operational or financial credit.
 When a business goes insolvent, the employees of that business suffer.
 Not being able to pay the employees is an example of inability repay
operational credit.

5.  After a company becomes insolvent, either they
or the operational/financial creditors can file to
initiate the insolvency resolution process.
 The form used to file this petition comes under
section 9.
 If the form is accepted, the insolvency resolution
process initiates.
 At the end of the resolution, either the company is
sold or the assets of the power point debtor are
liquidated.
https://registrationwala.wordpress.com/2018/12/17/what-is-insolvency-and-
bankruptcy/

6.  If the insolvent entity is a single person, then it is the case of personal
insolvency.
 The matter of personal insolvency is handled by Debt Recovery Tribunal.
 Personal insolvency does not take much time to be resolved.
 Personal insolvency can lead to the need of personal assets to be liquidated.
Personal Insolvency

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