Winding up of companies is in the jurisdiction of the Courts which can take a decade even after the Company has actually been declared insolvent.On the other hand, supervisory restructuring at the behest of The Board of Industrial and Financial Reconstruction is generally undertaken using receivership by a Public Finance Institution.in future you will not only succeed, but will be gratitudeous.
NOTE: YOU THAT IS ABOUT TO APPLY FOR THIS LOAN MUST HAVE Trust, Courage, Faith.
COS THEY ARE THE KEY TO ANY TRANSACTION IN THIS WORLD OK!!
India does not have a clear law on corporate bankruptcy even though individual bankruptcy laws have been in existence since 1874.
The current law in force was enacted in 1920 called Provincial Insolvency Act which consists of Chapter 7 and chapter 13 bankruptcies.
I have been hearing again and again of people driven to suicide by loan collectors or in this peculiar news, defaulters killing their bankers. In a business losing money does not mean that you had embezzled funds.80% of the business fail due to cash flow problems and those can be over come by talking to bankers to extend the loan, or with the help of a short term loan from friends and of the business usually failed as a result of non conducive market scenario and is part of the learning process.