Bankruptcy in India is a legal process that allows individuals, companies, and other entities to make arrangements with their creditors to pay off their debts. It is a process that is regulated by the Insolvency and Bankruptcy Code (IBC), 2016.
The IBC was enacted to consolidate and amend the existing laws related to insolvency and bankruptcy in India. The IBC provides a framework for the resolution of insolvency and bankruptcy proceedings in a timely, transparent, and cost-effective manner.
Individuals can file for bankruptcy in India when they are unable to pay their debts. The process begins with an application for bankruptcy. The application is filed with the National Company Law Tribunal (NCLT) or the Debt Recovery Tribunal (DRT). The NCLT or DRT will then decide whether the individual is eligible for bankruptcy.
If the individual is eligible, the NCLT or DRT will appoint an insolvency professional to manage the bankruptcy proceedings. The insolvency professional will then take steps to resolve the debt, such as negotiating with creditors, selling assets, and making arrangements with creditors to pay off the debt.
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