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Bankruptcy law in India is governed primarily by the Insolvency and Bankruptcy Code, 2016 (IBC). This legal framework was established to consolidate and amend the laws relating to reorganization and insolvency resolution of corporate persons, partnership firms, and individuals in a time-bound manner. The IBC aims to protect the interests of the creditors, while also giving a fair opportunity to debtors to resolve their financial woes. Additionally, it seeks to ensure a smoother process of closing unviable businesses, thereby promoting entrepreneurship.
There are several situations where one might require legal assistance regarding bankruptcy in India:
The key aspects of local bankruptcy laws in India include:
The IBC is a comprehensive piece of legislation that covers the insolvency processes for individuals, partnership firms, and companies.
Insolvency proceedings can be initiated by the debtor themselves or by any creditor in the event of a default.
The NCLT acts as the adjudicating authority for insolvency proceedings concerning companies and limited liability partnerships (LLPs).
The IBC requires that the corporate insolvency resolution process be completed within 180 days, with a possible extension of up to 90 days.
If no resolution plan is accepted within the time frame, the debtor's assets may be liquidated to pay off creditors.
Yes, individuals can also file for bankruptcy under the IBC, though the provisions differ from those for corporate entities.
Filing for bankruptcy can affect a debtor's credit rating and may result in the liquidation of assets, but it also provides a path to debt relief.
Yes, decisions made by the NCLT can be appealed to the National Company Law Appellate Tribunal (NCLAT).
The IBC framework streamlines the process, aiming for an efficient recovery of dues, while giving fair chance to resolve debts.
A Resolution Professional (RP) manages the insolvency resolution process, facilitating negotiations between creditors and debtors.
For more information or assistance on bankruptcy in India, consider consulting the following resources:
If you find yourself in need of legal assistance with bankruptcy in India, consider the following steps:
Taking informed steps can help alleviate the stress associated with bankruptcy and lead to a more manageable resolution process.
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Disclaimer:
The information provided on this page is for general informational purposes only and does not constitute legal advice. While we strive to ensure the accuracy and relevance of the content, legal information may change over time, and interpretations of the law can vary. You should always consult with a qualified legal professional for advice specific to your situation.
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