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India does not have a clear law on corporate bankruptcy even though individual bankruptcy laws have been in existence since 1874.
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Creditors may file a bankruptcy petition against a business or corporate debtor ( involuntary bankruptcy ) in an effort to recoup a portion of what they are owed or initiate a restructuring.
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In the majority of cases, however, bankruptcy is initiated by the debtor (a voluntary bankruptcy that is filed by the insolventÂ individual or organization).
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Ã˜Â Â Â Â Â where a director undertakes to take up qualification shares, if any, form no.
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The first directors are usually named in the articles of association or are appointed by the directors.
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But have you noticed one thing in common among all these defaultersâ€¦.
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The articles can also provide that the first directors shall continue to hold office until their office becomes vacant by resignation, removal, and death etc.
Bankruptcy is a legally declared inability or impairment of ability of an individual or organization to pay its creditors. Creditors may file a bankruptcy petition
Bankruptcy was originally planned as a remedy for creditors â€” not debtors.
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In the case of swapan dasgupta v navin chand suchanti (1988) 64 comp cas 562 (cal), the calcutta high court held that it is advisable that in the case of a private company there should be clear provisions regarding the appointment of first directors in the articles of association of a company.
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The registrar also insists on it to be filed at the time of incorporation.
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29 prescribed under the companies (central governmentâ€™s) general rules &forms, 1956 shall be filed with the registrar of companies [section 264(2)].
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In that case, regulation 64 provides that the names of the first directors shall be determined in writing by the subscribers of the memorandum or a majority of them.
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