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Ankita Pugalia
Insolvency vs Bankruptcy: Difference and Legal Framework
The term ‘bankrupt’ is derived from Italian expression ‘banca rotta’, which means ‘broken bench’. Insolvency and bankruptcy are closely related terms often used interchangeably in discussions about debt. Insolvency is a condition that applies to both individuals and organizations. If not resolved, insolvency may evolve into bankruptcy for individuals and liquidation for corporations. Let us […]
Corporate Insolvency Resolution Process under IBC
Previously, the winding up was dealt with under the Companies Act, 1956 / the Companies Act, 2013. Thereafter, Insolvency and Bankruptcy Code was enacted in the year 2016 which came up with a new process namely the Corporate Insolvency Resolution Process (CIRP). CIRP aims to resolve the defaulting companies in a time-bound manner and maintain the […]
