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A key advantage of converting an OPC to a Private Limited Company lies in the ability to secure more substantial capital and explore a wider range of financing avenues, crucial for scaling the business and attracting investment
There is NO minimum waiting period for an OPC to convert into a Private Limited Company (or any other type of company, other than a Section 8 company). An OPC can now be converted voluntarily at any time after its incorporation.
All secured debts of the OPC must either be fully paid off or a No Objection Certificate (NOC) must be obtained from all secured creditors before initiating the conversion process. While it’s prudent to clear all debts, legally, the explicit requirement for NOCs or repayment primarily applies to secured creditors. Unsecured debts will generally transfer to the new Private Limited Company, though the conversion process involves public notice which allows any creditor to object.
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