Process for Insolvency

Inability to pay back the amount to its creditors or investors or lenders on time and also for a very long time by any corporate or business entity, makes a company to be insolvent and this state is called as insolvency for which the application of insolvency is submitted to the National Company Law Tribunal (NCLT) by anyone of Financial Creditor or Operational Creditor or Corporate Debtor himself.  In case of corporate debtor himself, the operational creditor has to send a prior notice of demand for 10 days to the corporate debtor before the initiation of insolvency resolution process.

User Comments

Tabassum Sharif Hasan Shah  3 Dec 2021 2:05pm
acutually i was recevied the insolvancy notice for my compnay i want a replay to the notice how to draft a


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