File For Bankruptcy Petition: Insolvency describes the financial situation of an enterprise failing to pay its debts as they become due. The company, in other words, has more debt than assets or income to adhere to its financial obligation towards its creditors. To address the insolvency of a company by helping it revive, the Corporate […]
The Insolvency and Bankruptcy Code (IBC) has reformed the Indian insolvency law landscape greatly, its most significant contribution being making errant promoters fearful of losing control of their companies in case of defaults. Given how the sanctity of the debt contract had been eroded, Section 29A, introduced through an amendment, compelled promoters to respect the […]