Insolvency And Bankruptcy Code, 2016
Insolvency and Bankruptcy code, 2016 is a consolidate enactment of various code. This code provides single window clearance system of all earliest enactment.
The objective of the Insolvency and Bankruptcy Code is to consolidate and amend the laws relating to reorganization and insolvency resolution of corporate persons, partnership firms and individuals in a time bound manner for maximization of value of assets of such persons, to promote entrepreneurship, availability of credit and balance the interests of all the stakeholders including alteration in the priority of payment of government dues and to establish an Insolvency and Bankruptcy Fund, and matters connected therewith or incidental thereto.
An effective legal framework for timely resolution of insolvency and bankruptcy would support development of credit markets and encourage entrepreneurship. It would also improve Ease of Doing Business, and facilitate more investments leading to higher economic growth and development.
An insolvency resolution process can be initiated by either a financial creditor or by operational creditor or the corporate applicant (corporate debtor) upon an event of default.
A revival plan be resolved within 180 days from the admission of the application. Making this process time bound is very essential as the value of the assets can erode substantially with the passage of time. In the event of disagreement or if a decision is not taken within the stipulated time-frame the applicant automatically moves to the next stage of Insolvency Process.
OUR INSOLVENCY SERVICES
FOR INTERIM RESOLUTION PROFESSIONAL
- Assisting the Insolvency Resolution Professional in issuing public notice, submission of claims,
Performance of day to day management of the affairs of the company, formation of Committee of Creditors;
- Assisting in review of Insolvency Resolution Plan;
- Assisting in conducting and convening the meetings of corporate creditors and filing of documents with various authorities.
FOR RESOLUTION PROFESSIONAL
- Assisting to the Resolution Professional in performance of its duties as required under the INSOLVENCY AND BANKRUPTCY CODE, 2016 and the Regulations made thereunder.
FOR CORPORATE DEBTOR
- Expedite the process of Corporate Insolvency Resolution;
- Organizing, Conceptualizing and Assembling of Data and Information during the required in the process of Insolvency Resolution;
- Drafting of requisite documents, notices and petitions;
- Appearance before NCLT/NCLAT (Adjudicating Authority) for admitting the petition of Corporate Debtor for the Corporate Insolvency Resolution Process.
FOR FINANCIAL CREDITOR
- Expedite the process of Corporate Insolvency Resolution;
- Organizing, Conceptualizing and Assembling of Data and Information during the required in the process of Insolvency Resolution;
- Drafting of requisite documents, notices and petitions;
- Appearance before NCLT/NCLAT (Adjudicating Authority) for admitting the petition of Corporate Debtor for the Corporate Insolvency Resolution Process;
- Making representation on behalf of Financial Creditor in the Meeting of Committee of Creditors;
- Presenting and filing of claims in electronic mode on behalf of Financial Creditors.
FOR OPERATIONAL CREDITOR
- Expedite the process of Corporate Insolvency Resolution;
- Organizing, Conceptualizing and Assembling of Data and Information during the required in the process of Insolvency Resolution;
- Drafting of requisite documents, notices and petitions;
- Drafting of demand notice to be served by an operational creditor to the corporate debtor demanding repayment of the operational debt in respect of which the default has occurred
- Appearance before NCLT/NCLAT (Adjudicating Authority) for admitting the petition of Corporate Debtor for the Corporate Insolvency Resolution Process;
- Presenting and filing of claims on behalf of Operational Creditor including therein the claims of workmen, present and past employees.
PROCESS OF FILING APPLICATION TO THE ADJUDICATING AUTHORITY
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