What are the documents needed to file application for insolvency?
There are set procedures have been defined which states that applicant filing application u/s 7 and 9 should firstly serve the notice to corporate debtor and ask for amount and if no reply is received and no dispute exists, the application can be submitted along with copy of notice and supporting documents to prove the creditability of claim. In case the application is filed u/s 10, the application should be able to show that is is not possible to serve the creditor along with all financial documents.
What steps should be taken if application is filed against you?
Firstly assess the position whether any dispute exists. Otherwise, it will be better to renegotiate to settle as no one wants to go in litigation.
After filing application how many days the application is accepted by AA?
Usually, the application should be accepted in 14 days but in actual practice, it may take time up to 1 year.
Who is going to bear the expenses in insolvency and bankruptcy matters?
Usually in first month the applicant and for rest, the financial creditors have to bear the expenses.
How much time completion of CIRP process should be taken as benchmark?
The prescribed time is 180 days but usually it goes up to 330 days by availing all extensions available
How many days the liquidation process should be completed
At most 365 days
As an applicant can I buy the company?
