| Front | Can an application for insolvency resolution is valid if the corporate debtor isn't in a condition to pay it's debts (i.e. liabilities more than assets)? |
|---|---|
| Back | No, since occurence of default is required to file an application under IBC. Mere fact that liabilities exceed assets doesn't result in a default. |
Learn with these flashcards. Click next, previous, or up to navigate to more flashcards for this subject.
Next card: Resolution process 12m file application insolvency corporate debtor
Previous card: Roc file application initiate insolvency resolution process financial/operational
Up to card list: Law CA Final