What is the process to file for insolvency if my business is unable to pay creditors?

If your business is a company and owes a debt above the specified minimum threshold, either you (the company itself) or your creditors can initiate the Corporate Insolvency Resolution Process before the National Company Law Tribunal — this triggers a structured, time-bound process where an insolvency professional takes over management, and creditors work together to either agree on a resolution plan to revive the business, or move it into liquidation if no viable plan emerges.

Initiating this process yourself (rather than waiting for creditors to do so) can sometimes give you more control over how the process unfolds, and importantly, triggers a moratorium that pauses further recovery actions and lawsuits against the company while a resolution is worked out.

Given how significant and legally involved this process is — including its consequences for your role as a director and control over the business — it's strongly advisable to consult an insolvency lawyer before initiating or responding to such proceedings, to fully understand the implications and explore whether other options (like restructuring existing debts) might be preferable first.