A few years passed by and just when the exasperated lenders were struggling hard to make the resort pay back came the Insolvency and Bankruptcy Code (IBC) 2016.A well-known resort in Assam owed its corporate lenders just around Rs 30 lakh and didnt bother to repay even the relatively small amount despite several reminders. A few years passed by and just when the exasperated lenders were struggling hard to make the resort pay back came the Insolvency and Bankruptcy Code (IBC) 2016. The law provides for power to creditors to approach the National Company Law Tribunal (NCLT) to trigger insolvency process which typically involves an immediate suspension of powers of the board of directors or the promoters, among other things to reco…
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