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What is IBC?
The Insolvency and Bankruptcy Code (IBC) 2016 provides a time-bound method for determining insolvency in companies and among individuals. The code saw significant changes when the IBC amendment act 2019 was introduced to solve the pressing issues faced during its implementation.
- Proof of default by the company
- Information of the resolution professional proposed to act as the interim
- Special resolution from the shareholders if an application filed by a corporate debtor.