Section 94 of IBC : Section 94: Application By Debtor To Initiate Insolvency Resolution Process
IBC
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Explanation using Example
Imagine that John, a small business owner, has accumulated debts that he is unable to repay due to a significant downturn in his business. John's outstanding debts amount to $50,000, and he has defaulted on his loan repayments. Realizing that he cannot manage his financial situation on his own, John decides to seek relief by initiating the insolvency resolution process.
John approaches a resolution professional to help him with the application process. Since John is applying as an individual, and not as part of a partnership firm, he does not need to worry about the requirement mentioned in Section 94(2) of the Insolvency ...
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