What aspects are to be kept in mind while preparing the statement of assets and liabilities to be submitted along with Declaration of Solvency? A Declaration of Solvency is required from majority if the directors of the Company verifying that if there exists any debt in the....
For whatever reasons, if you have decided to close your company in India, it is very important that you decide the right format of doing it and understand the cost implication. We will restrict our discussions here to a company which is solvent (can pay it’s debts). There....
Section 9(3)(c) of the Code requires the Operational Creditor to submit, if available, a copy of certificate from the financial institution maintaining accounts of the operational creditor confirming that there is no payment of an unpaid operational debt by the corporate debtor.....
In Uttam Galwa Steel Limited v DF Deutsche Forfait Ag. Limited., two operational creditors (DF Deutsche Forfait AG and Misr Bank Europe Gmbh) filed a joint application against the Corporate Debtor for initiation of CIRP. The NCLT Bench held that Section 8 and Section 9 of....
An Operational Creditor can make application before NCLT for initiation of corporate insolvency resolution process (CIRP) against defaulting Corporate Debtor. You can read more about this in our blog IBC – A TOOL FOR RECOVERY BY OPERATIONAL CREDITORS The Operational....
In case no resolution plan comes during CIRP or the resolution plan, if submitted, is not approved, the Corporate Debtor will go under Liquidation. The Liquidator on appointment will invite claims through Public Announcement. The Operational Creditors will then need to file....
It is very important that the claim submitted by Operational Creditor before Interim Resolution Professional (IRP) under CIRP is complete in all respects otherwise the same can be rejected by the IRP and in such case the Resolution Plan may fail to cover the amounts due to such....
It is well established fact that civil recovery matters take long time to decide. Because of low recoverability, there is a low credit discipline in trade. This has affected businesses as it often leads to large working capital requirement and thus more stress on....
