Section 54-O of IBC : Section 54-O: Initiation Of Corporate Insolvency Resolution Process

IBC

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Explanation using Example

Imagine a scenario where XYZ Pvt. Ltd. is a company that has been experiencing financial difficulties. The company and its creditors agree to undergo a pre-packaged insolvency resolution process to resolve the company's debts in a swift and efficient manner. The process begins, and the committee of creditors (CoC) is formed, comprising the major financial creditors of XYZ Pvt. Ltd.

During the pre-packaged insolvency process, the CoC realizes that the financial situation of the company is more complicated than initially thought, and the pre-packaged plan might not be adequate to address the company's financial woes. Therefore, the CoC, holding 70% of the voting shares, passes a resolutio...

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