IBC –Series -I
THE INSOLVENCY AND
BANKRUPTCY CODE, 2016 aims at promoting investments as well as resolution of
insolvency of corporate persons, firms and individuals in time bound manner. It
provides for designating the NCLT and DRT as Adjudicating Authorities for
corporate persons and firms and individuals, respectively , for resolution of
insolvency, liquidation and bankruptcy.
Important Definition:
“Corporate debtor”
means a corporate person who owes a debt to any person;
“Creditor”
means any person to whom a debt is owed and includes a financial creditor, an
operational creditor, a secured creditor, an unsecured creditor and a
decree-holder.
CORPORATE INSOLVENCY RESOLUTION PROCESS
(A)
OPERATIONAL
CREDITOR
Means a person to whom an operational debt
is owned and includes any person to whom such debt has been legally assigned or
transferred.
Question For Corporate persons what is ceiling
limit of insolvency resolution and liquidation?
Answer Minimum Amount of Default is one lakh rupees.
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