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Winding up of companies is in the jurisdiction of the Courts which can take a decade even after the Company has actually been declared insolvent.

On the other hand, supervisory restructuring at the behest of The Board of Industrial and Financial Reconstruction is generally undertaken using receivership by a Public Finance Institution.

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 against a business or corporate debtor ("involuntary bankruptcy") in an effort to recoup a portion of what they are owed or initiate a restructuring.

Try talking to your banker to extend the loan tenure, sell off some of the assets and see if you start over again… Friends and family might help you because they know you are a good man. Often its a pure business deal, where they pump in money in return of sale of assets/partnership…

sometimes they do it because they have faith in your business skills and they know that this is a temporary phase..

In the majority of cases, however, bankruptcy is initiated by the debtor (a "voluntary bankruptcy" that is filed by the insolvent individual or organization).

An involuntary bankruptcy petition may not be filed against an individual consumer debtor who is not engaged in business.

Iam 64 Year Old Retired Person Getting Monthly Pension of Rs5000.

Declare bankruptcy, take the assistance of the law and discharge your loans and live life honorably. and today’s law clearly demarcates the business/company’s assets from the personal assets…

it distinguishes between the assets of the family and your assets and has all the features that allows you to write-off the loan once and for all and start again.

Its very easy to start a business, its tuff to run it for the first year, its tuffer the second year.

If you dont have a financial back up then its sure that you will collapse on your third/fourth year.

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