In India, the Corporate Insolvency Resolution Process (hereinafter referred to as CIRP) is…
In India, the Corporate Insolvency Resolution Process (hereinafter referred to as CIRP) is governed under the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as Code). Insolvency laws in India provides for an expeditious settlement of insolvency cases, protecting the interests of the creditors through a balanced procedure, in a time bound manner. A financial creditor, an operational creditor and the corporate debtor are eligible to initiate the CIRP.
For the initiation of CIRP, an application can be made to the National Company Law Tribunal (hereinafter referred to as NCLT) as per the provisions of the Code. The Code prohibits l…
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