Section 20 of IBC : Section 20: Management Of Operations Of Corporate Debtor As Going Concern

IBC

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Explanation using Example

Imagine a company called "TechWidgets Ltd." is undergoing financial distress and is unable to repay its debts. The creditors of TechWidgets Ltd. file an application for initiating a Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code, 2016. The National Company Law Tribunal (NCLT) admits the application and an Interim Resolution Professional (IRP) is appointed.

As per Section 20 of the Insolvency and Bankruptcy Code, the IRP steps in to manage TechWidgets Ltd. The IRP's primary goal is to maintain the company's business operations while also safeguarding the value of its assets. To do this, the IRP decides to hire a financial consultancy firm to assess ...

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