Section 55 of IBC : Section 55: Fast Track Corporate Insolvency Resolution Process

IBC

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Explanation using Example

Imagine a small private company, XYZ Tech Solutions, which provides IT services. The company has been facing financial difficulties and owes money to its suppliers and a small bank loan. The total debt is significant for the company, but relatively low in comparison to larger corporations. Additionally, XYZ Tech Solutions' assets and income are below a certain threshold set by the Central Government.

The suppliers, who are the creditors in this scenario, are worried about the overdue payments and decide that they want to initi...

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