FAQ’s on The Insolvency and Bankruptcy Code, 2016 (IBC): Q.1. What is the objective of IBC, 2016? Ans. As provided under the preamble of the Code, the objective of the Code are as under: To consolidate and amend the laws relating to reorganization and insolvency resolution of corporate persons, partnership firms and individuals in a time bound manner … Read more
The Hon’ble Supreme court made it clear that the trade union represents its members who are workers, to whom dues may be owed by the employer, which are certainly debts owed for services rendered by each individual workman, who are collectively represented by the trade union. As such, a joint petition could be filed under Rule 6 read with Form 5 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, with authority from several workmen to one of them to file such petition on behalf of all.