Q 1. What is the difference between Insolvency and Bankruptcy? An entity (individual, or a company) becomes insolvent when they are unable to pay back their lenders on time. Simply, when the assets fall short to pay off the existing liabilities. Whereas, Bankruptcy is a legal declaration of one’s inability to pay their debts. On filing of […]
The President of India through Insolvency and Bankruptcy Code (Amendment) Ordinance, 2020 (No. 9 of 2020) on 5th June, 2020 announced some major relief for the corporate debtors as COVID 19 pandemic owing to the nationwide lockdown is in force since 25th March 2020 has resulted in disruption in business, financial markets and economy in […]
