Lenders, shareholders and employees can request for an employer’s immovable assets to be attached guarantee for loans by the promoters of a company to recover dues under the new bankruptcy law.
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The Insolvency and Bankruptcy Code approved by Parliament earlier this month empowers employees, creditors and shareholders to initiate resolution process at the first sign of financial stress like a default on repayment of a bank loan, Economic Affairs Secretary Shaktikanta Das said.
If the issue persists even after the extended nine-month resolution period, they can seek attachment of all immovable assets, incl…
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