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Suit - Insolvent Company

Overview

If a company is in poor financial condition and is unable to continue with its commitments or meet its financial obligations, you initiate insolvency and bankruptcy proceedings in the National Company Law Tribunal to recover your dues. MyAdvo will facilitate the entire process through an expert corporate lawyer and will provide timely updates to you.

Steps involved in a Suit against Insolvent and Bankrupt Company

Request
Once you send in a request, our representative will get in touch with you to understand your requirements.
Documents and Questionnaire
A checklist of documents and a questionnaire will be provided to record the details of your organisation and employees.
Complaint Drafting
The complaint will be drafted and shared with you for review and approval within 7 days of receiving the documents.
Filing of Complaint
The application will be filed before the NCLT within 3 working days of approval of the draft.
Admission Hearing
The lawyer will make preliminary arguments before NCLT and get the Application admitted.
Appointment of Resolution Professional (RP)
NCLT will confirm a Resolution Professional to oversee the process.
Corporate Insolvency Resolution Process
The resolution process comprises of various stages: 1)Publication of notice 2)Processing of claim 3) Information Memorandum 4)Meeting of Committee of Creditors (COC) 5)Call for resolution plan
Acceptance/Rejection of Resolution Plan
After receiving the resolution plan, the RP will conduct a meeting of COC for voting. If 66% of voting is done in favour of a resolution plan then it will be adopted by COC.
Liquidation
In case where a resolution plan is not accepted, COC will opt for liquidation of such real estate company.

Required Documents

  • Original invoice/ bill for sale of product/ service
  • All communications in forms of letters or emails sent to the other party for repayment of money
  • Any other documents related to the product/ service

Why MyAdvo?

Pool of expert corporate lawyers who have experience in dealing with insolvency and bankruptcy matters

Step-by-step update through the case lifecycle

A-Z guarantee which covers cost of changing the lawyer in the rare case of any concern

Dedicated portal to manage your case documents and communicating directly with the lawyer

Payment is fixed in the beginning and you are not hassled later

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Frequently Asked Questions