The Insolvency and Bankruptcy Code (Amendment) bill 2017, describes the Financial Creditor and the Operational Creditor and the ambit of its applicability on creditor-debtor relationship.
The IBC has introduced new and distinct concepts of ‘Financial Creditor’ and ‘Operational Creditor’ as opposed to the Companies Act, 2013 which merely introduced the term ‘creditor’, without any classification thereof.
To initiate recovery procedure one can approach the National Company Law Tribunal which exercises the power to dispose cases under Insolvency Code.
In this article we have discussed about the procedures of filing a case before NCLT and the required documents.
A detailed article on NCLT and DRT and the difference between them and how can corporate bodies approach NCLT against their borrowers/debtors.
In this article we will briefly cover the legal remedies one can resort to against their debtors in case there is default in paying the loan amount.
Outsource your work to debt recovery management organizations who while maintaining the harmony of your business relations will realize your debts with their expertise.
The Reserve Bank of India has suggested banks to report for insolvency complaints on their very own rather than watching for its commands.
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