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The Insolvency and Bankruptcy Code 2016 is directed towards making sure that the corporate debts are paid in the fairest way possible. The provisions associated with this code can apply to the following:
The above are the bodies on which the provisions of the IBC code can be implemented upon. Any of these entities can be at the receiving end of the Insolvency resolution process. This begs the question- Who can initiate the insolvency resolution process?
In the case where any corporate debtor has committed a default, the following can initiate the process:
The above points state that the corporate debtor can themselves start the insolvency process. If you think about it, unlike USA and UK where the Insolvency and Bankruptcy Codes are directed towards the welfare of the Insolvent entities, the IBC of India is to make sure that all the debts are paid. This presents an interesting conundrum about how the process can be initiated by a corporate debtor. Well, you would know more about it in subsequent blogs.
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.