Section 3 of IBC : Section 3: Definitions
IBC
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Explanation using Example
Let's consider a hypothetical scenario to understand the application of Section 3 of the Insolvency and Bankruptcy Code, 2016:
Imagine a company named XYZ Pvt. Ltd. is facing financial difficulties and is unable to repay its debts to various creditors. One of the creditors, ABC Bank, has provided a loan secured by a mortgage on the company's property. XYZ Pvt. Ltd. defaults on its loan repayment to ABC Bank.
In this scenario:
- The term "Board" would refer to the Insolvency and Bankruptcy Board of India that oversees the insolvency proces...
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