Corporate Insolvency is a situation when an organization is unable to meet its outstanding financial, operational or any other debt/liability towards its lenders and suppliers as it becomes due as per agreement. In such case, Corporate Debtor (to whom money is receivable) has to option to file Insolvency petition against the Corporate Creditor (Who is liable to pay). Corporate debtors can recover money through a very transparent and time-bound process
Therefore, every person to whom money is due can approach NCLT for insolvency process
A] Process of Insolvency:
** This entire process is of only 180 days to 270 days as per law
We advise / consult firms in Insolvency and Bankruptcy Matters under Insolvency and Bankruptcy Code in following areas:
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