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Civil Proceeding Can Be Intimated If The Party Is Insolvency
26-Apr-2023 (In Bankruptcy / Insolvency Law)
Can a Civil Proceeding Can Be Initiated against a party who is going under insolvency proceedings ? Or Civil Proceeding Can Be Initiated against a party who is declared by the court insolvent? Please let me know this at earliest.
If you wish to recover money from a party who is undergoing Insolvency then you need to file your claim with the resolution professional appointed by NCLT. Once a company/personal guarantor is undergoing Insolvency then civil proceedings cannot proceed against it.
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