“A bankruptcy proceeding is not a death sentence but a chance for a fresh
start.” —
Elizabeth Warren
start.” —
Elizabeth Warren
In India, Bankruptcy and Insolvency since a long time have been critical issues
in the financial sector, which impacts businesses, creditors, and the overall
economy. Insolvency refers to as a situation where a debtor which may be an
individual or company is unable to repay their outstanding debts i.e. a
situation where debtor’s assets are not sufficient to pay off their liabilities.
Bankruptcy, on the other hand, is a legal declaration of insolvency i.e. when a
court has determined that a company or individual is unable to pay off their
debts and in return this declaration starts a legal process to resolve the
insolvency…
