What is New Bankruptcy Law in India
New Bankruptcy Law in India is states under the Insolvency and bankruptcy code 2016. It is focused towards ensuring that the operational and/or financial creditors are paid back what the corporate debtor owes. Through this law, a resolution is reached through which either the company is revived or liquidated.
What Is Insolvency and Bankruptcy
What is insolvency and Bankruptcy? Insolvency refers to a state of being where an entity is not able to pay back its creditors, and bankruptcy is its declaration. The purpose of this blog is telling you about the very definition associated with insolvency and bankruptcy. Once you are through with it, you are going to have a general idea associated with them.
Well, there are certain types of corporate debtors and certain types of operational and financial creditors who cannot file an application under IBC. When we say application, we are talking in regards to the petition for the insolvency resolution.
Read more here: