Terms like bankruptcy and corporate insolvency refer to distinct situations involving the financial stability and status of individuals and body corporates. A company or a Limited Liability Partnership (LLP) is said to be insolvent if it is unable to pay its debts once they become due and the company defaults on its repayment. On the other […]
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 […]
<h1id=”overview”>An OverviewTo seek international exposure India seeks to attract foreign companies to set up manufacturing facilities in India. However, only foreign investment alone is not enough. When any company gets insolvent, India has to take all the necessary steps to protect the shareholder’s investments. Insolvency refers to a state where an organization or an individual […]
The Supreme Court dismisses the review petition in the case of Rainbow Papers Limited thereby legal position held by the SC that tax authorities, in their pursuit of recovering tax dues, will be entitled to the same rights as secured creditors within the framework of the Insolvency and Bankruptcy Code, 2016 (IBC) waterfall mechanism. Background […]
There are several grounds on which a company may be wound up in India. The two major laws governing winding up of a company are the Insolvency and Bankruptcy Code (IBC), 2016 and the Companies Act, 2013. In this blog, we’ll be looking at the grounds which are covered for winding up of a company […]
In India, there are two ways in which a company may be liquidated: Compulsory and Voluntary. Voluntary liquidation under IBC, 2016 allows corporate entities to liquidate themselves at will. Voluntary Liquidation provided under IBC, 2016, is a quick, efficient, a prescribed timely process which ensures that the assets of the Corporate Persons does not lose its value and […]
With respect to the unique nature of their businesses and simpler corporate structures, the Indian Government has considered it necessary to introduce an insolvency resolution process for MSME (Micro, Small, and Medium Enterprises). In the pandemic, the government suspended the filing of applications for initiation of corporate insolvency resolution process in respect of the defaults […]
Real Estate is one of the major sectors which has been deeply impacted by the COVID-19 pandemic and the consequent lockdown to contain it. The sector which was already seeing a lull period got hit by a ‘perfect storm’ of Coronavirus. If your company is seeing liquidity issues and cash flow mismatches and you are […]
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