The Insolvency and Bankruptcy Code (IBC) aims to assist businesses in financial distress, especially those facing bankruptcy. Here’s what you need to know:
Eligibility
- Companies facing insolvency or unable to pay debts.
- Both corporate entities and individuals can apply.
Benefits
- Restructuring of debts to enhance viability.
- Opportunity for companies to continue operations.
- Protection from creditors during the resolution process.
How to Get Information
- Visit the official Ministry of Corporate Affairs (MCA) website for guidelines.
- Consult legal advisors specializing in bankruptcy.
How to Apply
- Prepare documentation: Financial statements, debts, and operational details.
- File an application: Submit to the National Company Law Tribunal (NCLT).
- Engage a professional: Appoint an insolvency professional for guidance through the process.
For detailed guidance, you can refer to the official resources on Insolvency and Bankruptcy Code.
