Section 60 of IBC : Section 60: Adjudicating Authority For Corporate Persons
IBC
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Explanation using Example
Imagine a company, "ABC Pvt. Ltd.", is facing financial difficulties and is unable to pay its debts. To resolve the situation, a creditor initiates an insolvency resolution process against ABC Pvt. Ltd. by filing an application with the National Company Law Tribunal (NCLT). As per Section 60(1) of the Insolvency and Bankruptcy Code, 2016, the NCLT with jurisdiction over the area where ABC Pvt. Ltd.'s registered office is located will be the Adjudicating Authority for this insolvency resolution process.
Now, suppose that the director of ABC Pvt. Ltd. had provided a personal guarantee for the company's debts. Under Section 60(2), if the company goes into insolvency resolution or liquidation, any application concerning the insolvency of the director as a personal guarantor should also be filed with the sam...
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