Question
The term “financial creditor” in the Insolvency and
Bankruptcy Code (IBC) in India means?Solution
A financial creditor is a broad term that encompasses individuals, companies, banks, financial institutions, or any other entity that has provided financial credit or loans to a debtor. It includes entities that have extended credit facilities such as loans, debentures, bonds, or any other form of financial assistance, and have a legally enforceable claim against the debtor. Under the IBC, financial creditors have the right to initiate insolvency proceedings against a debtor if the debtor fails to repay the financial debt. They have the power to file a petition for the resolution of the debtor's insolvency and participate in the insolvency resolution process.
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