Section 15 of IBC : Section 15: Public Announcement Of Corporate Insolvency Resolution Process

IBC

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Explanation using Example

Imagine a company called "QuickTech Solutions Pvt. Ltd." is undergoing financial distress and is unable to pay its debts. A creditor has filed an application for the initiation of the corporate insolvency resolution process (CIRP) against QuickTech, which has been admitted by the National Company Law Tribunal (NCLT).

As per Section 15 of the Insolvency and Bankruptcy Code, 2016, the interim resolution professional (IRP) appointed by the NCLT must make a public announcement about the CIRP. The announcement includes: ...

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