INSOLVENCY, BANKRUPTCY

Corporate Insolvency is a situation when an organization is unable to meet it’s outstanding financial, operational or any other debit/liability towards its lenders and suppliers as it becomes due as per agreement. In such a case, Corporate Debtor (to whom money is receivable) has to option to file an Insolvency petition against the Corporate Creditor (Who is liable to pay). Corporate debtors can recover money through a very transparent and time-bound process.

Hence it is very important for all parties to have proper knowledge of the insolvency process. Till Dec 19, as per fair estimate, the bank is able to recover more than Rs 90000 Crores from Bad Accounts.