Question
Under the Insolvency and Bankruptcy Code, 2016, who is
responsible for initiating the Corporate Insolvency Resolution Process (CIRP) for a defaulting company?Solution
As per Section 6 of the Insolvency and Bankruptcy Code, 2016, the Corporate Insolvency Resolution Process (CIRP) can be initiated by: • The corporate debtor (the company itself), or • The financial creditor, or • The operational creditor, by filing an application before the National Company Law Tribunal (NCLT), when a default has occurred. The NCLT then adjudicates on the application and, if satisfied, admits the case and initiates CIRP.
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