hello..we recieved the above mentioned notice from government..
so what should we do to clear the same?
pls response ASAP
Hello sir, greetings of the day.
According to Section 10 of the IBC, the corporate debtor has the option and power to voluntarily file for insolvency proceedings. The suspension of the provision defeats the purpose of the IBC by depriving the corporate debtor of the right to initiate voluntary insolvency proceedings. Thus, it gives no other option to the distressed businesses, especially the ones who wish to avail the benefit of the IBC. With suspension of IBC, the creditors would have to return to the archaic remedies such as Section 19 of Recovery of Debts due to Bank and Financial Institution Act, 1993 Section 13 and Section 14 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Securities Interest Act, 2002. In addition, creditors can look upon remedies under the Commercial Courts Act, 2015 & Code of Civil Procedure for recovery of dues.
Hope this solves your query.
Regard
Nirali Nayak
Law Student
