The Insolvency and Bankruptcy Code, 2016 that received President’s assent on May 28, 2016, is a consolidated legislation providing for insolvency resolution process of individuals, partnership firms, Limited Liability Partnerships and Corporate.

With the emergence of Insolvency and Bankruptcy Code, 2016, there is a tremendous reform in the bankruptcy and insolvency process in India. The processes which took ages to conclude on insolvency / bankruptcy, are now simplified and expedited, ensuring fair negotiations between Debtor and Creditor by removing the asymmetry of debt and default information, with the support of institutional infrastructure involving:-

  1. The Regulator (IBBI)
  2. The Adjudicating Authorities (NCLT & DRT)
  3. Insolvency Professionals (IP) : They control, ensure and manage the assets of the debtor
  4. Insolvency Professional Agencies (IPA) : They admit the Insolvency Professionals as the Members and ensure such Members’ Code of Conduct.
  5. • Information Utility ( IU )

Our team has members who are registered as insolvency professionals under the Code and provide legal advice and services for all aspects of the insolvency law. Our Insolvency & Bankruptcy Team shall play a vital role in providing appropriate support for Corporate as well as Individual insolvency and bankruptcy procedures and provide sustenance for creditors / debtors during troubled debt recovery in various areas of business. Our key principle is to ensure win-win financial solutions for our clients’ business objectives vis-à-vis the market situation. Our service offerings under this segment include:-

  1. Consultancy Services on Insolvency and Bankruptcy to Debtors, Creditors and other Insolvency Professionals.
  2. Various Role and responsibilities as Interim Resolution Professional and Resolution Professional at various stages:
    • Management of Affairs of the Corporate Debtor.
    • Determining the Financial position of the Debtor.
    • Instructing the financial institutions.
    • Executing Deeds, receipts and other documents of Debtor.
    • Execution of Contracts and modification of the existing contracts where required.
    • Accessing electronic Records with Information Utility
    • Receive and Collate all the claims.
    • Constitution of Committee of Creditors and conducting its Meetings.
    • Monitoring the assets of the Debtor including Control and Custody of assets with ownership rights.
    • File information collected with Information Utility, where required.
    • Raise interim finance with the approval of Committee of Creditors.
    • Determining the Voting share of the Creditors.
    • Preparation of Information Memorandum.
    • Obtaining approval from the Committee of Creditors for certain actions.
    • Examination of Resolution Plan and obtain approval of the Committee of Creditors.
    • Submission of Resolution Plan to Adjudicating Authority.
    • Co-ordination with the Insolvency and Bankruptcy Board of India.
  3. Assistance in extension of period of Corporate Insolvency Process beyond 180 days.
  4. Liquidator Services.
  5. Representing the Creditor in the meeting of Committee of Creditors, where such Creditor is the member.
  6. Appearance before the Tribunal – Adjudicating Authority.