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Experts on Insolvency & Bankruptcy Code
  • IBC

    by Chirag on Friday, June 07, 2019 at 12:21 AM

    Dear Sir, Can Committee of creditors resolve that CIRP should not be done and the directly liquidation proceedings should commence against the corporate debtor ?? 2) If a company fails to make payment of 1 EMI of a loan, the bank cannot just simply file an application initiating CIRP against the company. So, when will the bank file application to NCLT for CIRP ??

    Replied byV. S. Datey Friday, June 07, 2019 at 12:58 PM

    1. but they have to decide that Resolution is not workable 2. technically they can file application but banks are not fools - they have to give notice and when no recovery then only they can file application V S Datey

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