FREQUENTLY ASKED QUESTIONS FOR CORPORATE INSOLVENCY RESOLUTION PROCESS PUBLISHED BY IBBI
Q1. What are the objectives of the Insolvency and Bankruptcy Code, 2016 (Code)?
Ans: The Code consolidates and amends the laws relating to reorganisation and insolvency resolution of corporate persons, partnership firms and individuals in a time bound manner for maximization of value of assets of such persons, to promote entrepreneurship, availability of credit and balance the interests of all the stakeholders.
Q2. What is corporate insolvency?
Ans: Corporate insolvency is a state where a corporate person fails to pay debt, whether whole or any part or instalment, when due and payable.
Q3. Who is a corporate person?
Ans: A corporate person means:
- a company as defined under the Companies Act, 2013;
- a Limited Liability Partnership as defined under the Limited Liability Partnership Act, 2008; or
- any other person incorporated with limited liability under any law
It does not include any Financial Service Provider. However, Financial Service Provider could be notified for the purpose of their insolvency and liquidation proceedings, under section 227 of the Code.
Q4. Who is a corporate debtor?
Ans: A corporate debtor is a corporate person who owes a debt to any person.
Q5. What is corporate insolvency resolution process (CIRP)?
Ans: CIRP is the process of resolving the corporate insolvency of a corporate debtor in accordance with the provisions of the Code.
Q6. Who can initiate CIRP?
Ans: CIRP may be initiated by a financial creditor under section 7, an operational creditor under section 9 and corporate applicant of corporate debtor under section 10 of the Code……….
CLICK BELOW TO GET COMPLETE DETAILS
FOR MANY MORE UPDATES AVAILABLE CLICK BELOW
CLICK THE BELOW LINK TO READ THE COMPLETE CONTENTS
SOME CONTENTS OF THIS WEBSITE ARE FOR GOLD SUBSCRIBERS ONLY.
Join us as a GOLD SUBSCRIBER and get access to read important books.
KIND ATTENTION
We are going to close all what’s groups of CEV soon due to difficulties in posting information or message in more than 5 groups of CEV at a time.
All future posts of empanelment notices & professional importaAnce will be shared on
1. https://t.me/+dbHNkNO22xsyYTY1
2. www.valuerworld.com
3. The Twitter handle of CEV India
https://twitter.com/cevindia?t=XbqlvnwUVz1G3uPgs749ww&s=09
after closing the groups.
All members of these groups are requested to register themselves at the following link immediately for Getting all related timely updates.
