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Can get relief if file in NCLT
05-Apr-2024 (In Consumer Court Law)
We are 6 years old LLP firm and continuous in loss, Our few vendors payment dues for 3-5 years or before Covid periods. they are sending notices on regular basis, and few have threatened us. We are unable to make their payment due to regular losses, can we appeal/file to NCLT Court for relief. Our Firm is still running. Not getting any Loans due to losses but we are trying from private also, from this amount we can pay only 20-25 % . please suggest .
Well. The situation isvery precarious as it seems. I won't be wise for me to say anything without seeing the notices from your vendors and other documents.
Well if the situation is dire you can also file for relief under Bankruptcy and Insolvency Code.
Well if the situation is dire you can also file for relief under Bankruptcy and Insolvency Code.
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Adv. Shayan Sachin Basu
Kolkata | 200+ Answers
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yes you can get yourself wound up by filing an application under provision of IBC. the court will declare you insolvent and bankrupt and try to pay of your debtors. but it is a costly process.
kindly be careful with your books of accounts. this is the leading factor in determing solvency or insolvency
kindly be careful with your books of accounts. this is the leading factor in determing solvency or insolvency
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Adv. Soham Sur
Kolkata | 200+ Answers
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