Section 208 of IBC : Section 208: Functions And Obligations Of Insolvency Professionals
IBC
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Explanation using Example
Imagine a scenario where a small business, "XYZ Widgets Pvt. Ltd.", is unable to pay its debts. The creditors of XYZ Widgets decide to initiate a Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code, 2016. An insolvency professional (IP) is appointed to manage the company's assets and business.
Under Section 208(1)(c) of the Code, the IP's function would involve taking control of the company's asset...
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