New Delhi, Nov. 28 -- India's bankruptcy code is gradually changing its character. The outcomes of insolvency proceedings show that operational creditors such as vendors had been most active in dragging defaulting companies to bankruptcy tribunals and also in settling out of court and withdrawing petitions. But that trend is changing in a significant way.

Mint looks at what the official data says about creditor behaviour.

Who resorts to the bankruptcy code the most?

In each of the five years up to FY22, operational creditors were ahead of financial creditors such as banks in initiating bankruptcy proceedings, going by the number of cases admitted in the National Company Law Tribunal (NCLT), as per data available from the sector's rule ...