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The initiation of Corporate Insolvency Resolution Process (CIRP) under Sections 7-10 of the IBC involves different creditors and procedures for corporate debtors facing defaults.
As we all know share capital is the main source of finance of a company. Such capital is raised by issuing shares. Those who hold the shares of the company are called the shareholders and are owners of the company. The company may need an additional amount of money for a long period.
Nowadays cheques are used closely everywhere for many purposes which include loan repayment, salary & wage payment, bill payment, and fee payment, etc. so on a daily basis, banks process and clear the vast majority of cheques which is used to secure evidence of payment. However, cheques are still a very common mode of payment for all nowadays. It is always advisable to issue crossed “Account Payee Only” cheques in order to avoid its misuse.
