File the section 9 petition to resolve insolvency
Under the Insolvency and Bankruptcy Code, if you have tried section 8 demand notice to get back the debts that debtor owes you, you can file Section 9 petition of insolvency resolution if demand notice is not successful. Marginwala has industry experts that can assist you to file the section 9 petition.
Section 9 Petition for Insolvency Resolution
Have trying getting back the money you lent to a debtor using Section 8 demand notice? Was the process unsuccessful? If this is case, now is time to think big and take bigger steps by filing Section 9 Petition of Insolvency resolution.
Under the Insolvency and Bankruptcy Code, if the debtor has not conceded to the repayment demands under Section 8 Demand notice, the next step that the creditor can take is to file Section 9 petition of insolvency resolution.
The petition of insolvency resolution under Section 9 can only be filed after filing the Section 8 Demand notice. Through this petition to the NCLT or National Company Law Tribunal, the insolvency resolution process can be started.
When to file Section 9 petition for Insolvency resolution
You can only file Section 9 insolvency petition if:
- The amount of debt is more than INR 500/-
- The debt is due or the date has passed
- It has been three months since acts of insolvency was committed.
The process of insolvency resolution is lengthy legal step taken over the course of several days. In order to get the resolution on time, you need to file accurate section 9 insolvency petition.
Registrationwala is a team of insolvency experts that entails corporate lawyers and business professionals that can help you file Insolvency petition under IBC code.
Documents Required to file Insolvency petition under Section 9 of Insolvency
Following are the documents required to file Insolvency petition under Section 9 of Insolvency and Bankruptcy Code:
- Copy of the Section 8 demand notice.
- The invoice of the default payment.
- Other evidences that support your case that the defaulter is insolvent.