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    Daily Facts - IAS Exam 13-Sep-2016 - by Vetrii IAS Academy

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    Daily Facts - IAS Exam 13-Sep-2016: INSOLVENCY AND BANKRUPTCY CODE. The term insolvency is used for both individuals and organizations. For individuals, it is known as bankruptcy and for corporate it is called corporate insolvency. By Vetrii IAS Academy, Chennai.

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    Daily Facts - IAS Exam 13-Sep-2016 - by Vetrii IAS Academy

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    Daily Facts - IAS Exam 13-Sep-2016: INSOLVENCY AND BANKRUPTCY CODE. The term insolvency is used for both individuals and organizations. For individuals, it is known as bankruptcy and for corporate it is called corporate insolvency. By Vetrii IAS Academy, Chennai.

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    Daily Facts - IAS Exam 13-Sep-2016: INSOLVENCY AND BANKRUPTCY CODE. The term insolvency is used for both individuals and organizations. For individuals, it is known as bankruptcy and for corporate it is called corporate insolvency. By Vetrii IAS Academy, Chennai.

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    44 views2 pages

    Daily Facts - IAS Exam 13-Sep-2016 - by Vetrii IAS Academy

    Uploaded by

    Vetrii IAS Academy
    Daily Facts - IAS Exam 13-Sep-2016: INSOLVENCY AND BANKRUPTCY CODE. The term insolvency is used for both individuals and organizations. For individuals, it is known as bankruptcy and for corporate it is called corporate insolvency. By Vetrii IAS Academy, Chennai.

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    © All Rights Reserved
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    VETRII IAS ACADEMY

    OldNo.52,NewNo.1,9thStreet,
    FBlock,1stAvenueMainRoad,
    NearIsthasiddhiVinayakarTemple,
    AnnaNagarEast,Chennai600102.
    Phone:+91(44)26265326
    Mobile:+919600124042,9840097666
    http://www.vetriias.com

    Daily Facts
    IAS Exam
    Dated:12Sep2016

    INSOLVENCY
    AND
    BANKRUPTCY
    CODE

    Theterminsolvencyisusedforbothindividualsand
    organizations.Forindividuals,itisknownasbankruptcyandfor
    corporateitiscalledcorporateinsolvency.
    Bothrefertoasituationwhenanindividualorcompanyarenot
    abletopaythedebtinpresentornearfutureandthevalueof
    assetsheldbythemarelessthanliability.
    Thecodeseekstoensuretimeboundsettlementofinsolvency,
    fasterturnaroundofbusinessesandcreateaunifieddatabaseof
    serialdefaulters.
    TheCodecreatestimeboundprocessesforinsolvency
    resolutionofcompaniesandindividuals.
    Theseprocesseswillbecompletedwithin180days.Ifinsolvency
    cannotberesolved,theassetsoftheborrowersmaybesoldto
    repaycreditors.
    Theresolutionprocesseswillbeconductedbylicensed
    insolvencyprofessionals(IPs).
    ThisIPswillbemembersofinsolvencyprofessionalagencies
    (IPAs).IPAswillalsofurnishperformancebondsequaltothe
    assetsofacompanyunderinsolvencyresolution.
    Informationutilities(IUs)willbeestablishedtocollect,collateand
    disseminatefinancialinformationtofacilitateinsolvency
    resolution.
    TheNationalCompanyLawTribunal(NCLT)willadjudicate
    insolvencyresolutionforcompanies.
    TheDebtRecoveryTribunal(DRT)willadjudicateinsolvency
    resolutionforindividuals.
    THEINSOLVENCYANDBANKRUPTCYCODE,Billwasgiven
    theassentbythePresidentofIndiaonthe28thMay,2016.

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