Our team members are registered as "Insolvency Professionals" with the Insolvency and Bankruptcy Board of India under the Insolvency and Bankruptcy Code, 2016. We provide a range of services related to insolvency resolution management and arbitration resolution in both domestic and international commercial disputes. Our services cover various areas, including commercial contracts disputes, investment disputes, and joint ventures.
Insolvency and Bankruptcy Code 2016
The Government of India has introduced the Insolvency & Bankruptcy Code 2016 to address the issues of reducing non-performing assets (NPAs) and facilitating the recovery of dues for banks and financial institutions. The code establishes separate insolvency resolution processes for individuals, companies, and partnership firms, including Limited Liability Partnerships (LLPs). It aims to provide a swift and time-bound mechanism for handling insolvency proceedings.
Under this code, Insolvency Professionals (IPs) act as intermediaries between companies and their creditors to resolve the insolvency process within 180 days from the date of appointment. Corporate and LLP insolvency cases are dealt with by the National Company Law Tribunal (NCLT), while individual and partnership firm insolvency cases are handled by the Debt Recovery Tribunal (DRT).
The Insolvency and Bankruptcy Code
The Insolvency and Bankruptcy Code is a significant overhaul of the existing framework for dealing with insolvency of various entities. It emphasizes creditor-driven insolvency resolution and aims to streamline the process. The previous system involved multiple overlapping laws and adjudicating forums, which hindered effective and timely recovery or restructuring of defaulted assets.
Our firm, as a Corporate Insolvency Resolution Process (CIRP) professional, takes on various responsibilities in the insolvency resolution process. This includes admission of the application by the National Company Law Tribunal, appointment of Interim Resolution Professionals, and managing various tasks such as taking over debtors' management, public announcements, claims verification, preparation of creditor lists, reporting to adjudicating authorities, and more.