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Bankruptcy, in plain language means winding up of financially troubled Businesses or an Organisations when they are unable to repay their outstanding debts or obligations. Bankruptcy and Insolvency Code, 2016 has combined the entire Bankruptcy Framework under one law.
In accordance with this code, winding up of an insolvent organisation becomes prompt which also helps with minimizing non-performing assets and restructuring of capital productivity. When an organization becomes insolvent, which is a situation, a legal outcome of such organization being Bankrupt arises and in order to pay the debts, payment process needs to be structured with the help of Government or by selling assets. There can be many reasons that might leads to an organisation being Bankrupt such as Reduced Income, Poor Management or any unexpected circumstances.
AMA has a dedicated team for handling IBC matters and is well equipped with representing matters of corporate debtors, Creditors and Insolvency Professionals before NCLT and NCLAT.