Insolvency law in india | Candider
Insolvency law in india
9th Feb 2020 9:37 am
Education expert
The following result is obtained by our Internet Research Algorithm: Insolvency means when someone is incapable of paying its debt. There is Insolvency and Bankruptcy Code (IBC) Act 2016 amendment for this purpose. The process of this act is - If banks or other institutes cant get their loans bank from any company or individual, then they can go to NCLT (for corporates) or DRT(for individuals or partners) and take them to the bankruptcy process. Then Resolutions professional will make a committee of creditors and after discussing with them, they will arrange bids or liquidation to sell assets and recover the amount. This whole process has to take place within 180+90 days. The whole process is regulated by IBBI - Insolvency and Bankruptcy Board of India.
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