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Insolvency and bankruptcy code 2016 in India is primarily meant to ensure that the operational and financial creditors are paid their dues in a fair and an efficient manner. However, the one that owes them the money i.e. the debtor also is somewhat aided through this. It is for this very reason that the petition of the insolvency resolution can not only be filed by the operational/financial creditors but a corporate debtor as well.
Before we begin with telling you how a corporate debtor files this application, let us a take a deep look into the meant of a corporate applicant. A corporate applicant can be referred to any of the following persons:
Therefore, the corporate applicant is going to be the keyword that we are going to be focusing on from this point on.
Then, the adjudicating authority shall reject the application.
As you can see, other than the documentation requirements and the necessary voting that is needed in order to file the application, the way to submit the application is pretty simple.
Hey there, I'm Dushyant Sharma. With the extensive knowledge I've gained in past 8 years, I have been creating content on various subjects such as banking, insurance, telecom, and all the important registration and licensing processes for various companies. I'm here to help everyone with my expertise in these areas through my articles.