At present, there are multiple overlapping laws and adjudicating forums dealing with financial failure and insolvency of companies and individuals in India. The current legal and institutional framework does not help lenders in effective and timely recovery or restructuring of defaulted assets. To overcome these critical situations for improving the business environment and easing distressed credit markets, the government introduced The Insolvency and Bankruptcy Code, 2016.
APPLICABILITY OF THE CODE
The National Company Law Tribunal (NCLT) is the adjudicating authority over a company’s insolvency and liquidation process for corporates and LLP’s. It will be a primary body for resolving insolvency. For other entities adjudicating authorities has to be appointed.
WE PROVIDE THE FOLLOWING PROFESSIONAL SERVICES UNDER THE CODE
- To act as Interim Resolution Professional to commence Corporate Insolvency Resolution Process.
- To act as Resolution Professional to carry on and conduct the Corporate Insolvency Resolution Process.
- To act as Resolution Professional to conduct Fast Track Corporate Insolvency Resolution Process.
- To act as Liquidator and conduct liquidation proceedings under the Code.
- To act as Liquidator and conduct Voluntary liquidation proceedings.
- To act as Resolution Professional to conduct on Fresh Start Process for Individuals.
- To act as Resolution Expert as the Professional Insolvency Registrar in India will conduct Insolvency Resolution Process for Individuals and Partnership firms.
- To act as Bankruptcy Trustee and conduct Bankruptcy Proceedings in respect of Individuals and Partnership firms.
- To assist Lenders /Borrowers / other creditors in submitting information with Information Utility and /or retrieving information from Information Utility