Why IBC
The moot question which arises every time in the mind of every company or a creditor as to why ibc and/or when ibc is to be invoked against a Corporate Debtor.
IBC is Insolvency & bankruptcy Code which was introduced in India on 1st December,2016.
AMLEGALS being the front ibc law firm which had been pro-actively handling IBC in India since December,2016 itself and handle IBC matters in every NCLT & NCLAT, always advise on the following:
Why IBC?
IBC is a provision where insolvency can be triggered if a corporate debtor does not pay the legitimate dues of an operational or financial creditor. The main purpose of IBC is to maintain a going concern.
Which Case for IBC?
IBC can be invoked in a case which has the following :
a. debt
b. default
c. dispute does not exist
One can file initiate ibc proceedings only if the demand of a defaulted debt is within 3 years period.
When IBC?
A debt demand notice by a operational creditor has to be served upon the registered office of a corporate debtor under Section 8 of IBC.
An application by an operational creditor can be filed only after a lapse of 10 days from the date of service of such a notice. This is not a mandatory requirement for a financial creditor as no notice is required to be served by them.
Where to initiate IBC?
An application has to be filed in NCLT against a corporate debtor under the jurisdictional NCLT where the corporate debtor’s company is registered.
Whether or not to opt for IBC?
If you are struck as to in which case IBC should be invoked and why it should be invoked, then we being one of the leading IBC law firm can guide you as to when ibc is to be invoked against a corporate debtor.
IBC Management?
Every organisation can have a definite answer and preparation to face any IBC proceedings if they have an inbuilt IBC management in place.
How to connect with us?
Please connect on mumbai@amlegals.com or info@amlegals.com.
We handle IBC matters in NCLT at Mumbai, Ahmedabad, New Delhi, Kolkata, Allahabad, Chennai, Hyderabad, Chennai & Bengaluru.
To know more about our firms practice under Insolvency and Bankruptcy Code, please feel free to connect with our IBC expertised law firm in Mumbai & Ahmedabad.
Mumbai – mumbai@amlegals.com
Ahmedabad -info@amlegals.com
Delhi – newdelhi@amlegals.com
Kolkata – kolkata@amlegals.com
AMLEGALS has expert team to handle IBC matters in various NCLT’s & NCLAT.
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