#Bankruptcy / Insolvency

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Equi Corp Legal has the best lawyers in Delhi NCR

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Insolvency and Bankruptcy Code 2016 – Role of Professionals under the Code

The Bankruptcy Code (“Code”) has revamped the bankruptcy and insolvency laws in India. The code was introduced with the primary objective of increasing lender’s confidence and facilitating expansion of the credit market in India. The main objective of the new law is to promote entrepreneurship, availability of credit and balance the interests of all stakeholders by consolidating and amending the laws relating to reorganization and insolvency resolution of corporate persons, partnership firms and individuals in a time bound manner and for maximization of value of assets of such persons, partnership firms and individuals in time bound manner and for maximization of value of assets of such persons and matters connected therewith or incidental thereto.

The Bankruptcy code is a unified and comprehensive piece of legislation for the resolution of insolvency in respect of Companies, limited liability partnerships, partnership firms and individuals. The code creates a new institutional framework which consists of adjudicatory bodies, a regulator, Insolvency professionals and information utilities. Most importantly it offers an exit plan to all categories of persons — Corporates, Stakeholders, Individuals and Partnership firms, apart from over hauling century old legal framework.

The code offers a market determined, time bound mechanism for orderly resolution of insolvency, wherever possible, and orderly exit, wherever required. It envisages an ecosystem comprising National Company Law Appellate Tribunal (NCLAT), National Company Law Tribunal (NCLT), Debt Recovery Appellate Tribunal (DRAT), Debt Recovery Tribunal (DRT), Insolvency and Bankruptcy Board of India (Board), Information Utilities (IUs), Insolvency Professionals (IPs), Insolvency Professional Agencies (IPAs) and Insolvency Professional Entities (IPEs) for implementation of the code relating to corporate insolvency resolution and liquidation.

Background:

The entire insolvency and bankruptcy process under the code is managed by regulated and licensed professionals, namely the Insolvency Professional (IP), duly appointed by adjudicator. Insolvency Professional is appointed to conduct insolvency resolution process in accordance with the procedure laid down in the code. He is professional endowed with specialized knowledge, training and recognized by Insolvency Professional Agency and Insolvency and Bankruptcy Board of India for undertaking insolvency proceedings. The IPs are registered and regulated by the Board. They play a critical role in transactions under the code.

In administering the resolution outcomes, the role of the IP encompasses a wide range of functions, which includes adhering to the procedures of law as well as accounting and finance related functions. Insolvency process under the Code starts with a Financial Creditor, operational creditor or corporate applicant as the case may be who makes an application to the Adjudicating Authority (AA) about the debt default by the Corporate together with the name of IP who has consented to act as an interim IP. If no reference is made to the Board about the name of IP, AA makes reference to the Board. A financial creditor is a person to whom a financial debt is owed including any assignee thereof arising out of financial debt together with interest which is disbursed against consideration for the value of money borrowed etc. Operational debtor refers to an operational debt in respect of provision of goods and services including employment, repayment of dues to the Govt. authorities or any local authority. In performing these tasks, an IP acts as an agent of the adjudicator depends on the specialized skills and expertise of the IP to carry out these tasks in an efficient and professional manner.

The role of IPs is thus vital to the efficient operation of the Insolvency Professional Resolution. A well-functioning system of resolution driven by IPs enable the adjudicator to delegate more and more powers and duties to the professionals. This creates a positive externality of better utilization of judicial time.

Registration of Insolvency Professionals:

Regulation 13 of IBBI (Model Bye-law & Governing Board etc.) Regulations, 2016 provides that no person is allowed to render service as an IP except as a member of the Insolvency Professional Agency. Such member is also required to register with the Board. The three…

Read more: https://www.acquisory.com/ArticleDetails/36/Insolvency-and-Bankruptcy-Code-2016-%E2%80%93-Role-of-Professionals-under-the-Code

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Navigating Complex Financial Waters: Bankruptcy and Insolvency Law at Edictum Law and Co

Financial distress can be a challenging phase for any business or individual. At Edictum Law and Co, our team of adept bankruptcy and insolvency lawyers in Delhi specializes in guiding clients through the intricate legal landscapes governed by the Insolvency and Bankruptcy Board of India (IBBI).

Understanding Bankruptcy and Insolvency

Bankruptcy and insolvency proceedings are critical tools for restructuring financial obligations when businesses or individuals cannot meet their debt obligations. Here’s how our experts at Edictum Law and Co can help:

Strategic Assessment: We evaluate your financial situation to provide tailored advice, whether it involves reorganizing your business or liquidating assets to pay creditors.

Navigating IBBI Regulations: Our attorneys have in-depth knowledge of the IBBI guidelines and work tirelessly to ensure compliance while seeking the most favorable outcomes.

Representation in Proceedings: From filing the case to representing clients in negotiations and court proceedings, our lawyers are dedicated to your side every step of the way.

Expertise in Insolvency and Bankruptcy Law

Our legal team is experienced in handling a wide array of cases under the insolvency and bankruptcy framework, including:

Corporate Insolvency Resolution Process (CIRP): We assist corporations in navigating the CIRP, ensuring efficient dealings with creditors and maximizing the chances to revive the business.

Personal Bankruptcy: For individuals facing insurmountable debt, we provide compassionate and competent legal representation to explore all available options for relief.

Cross-Border Insolvency: The complexities of cross-border insolvency require sophisticated legal strategies, which our seasoned attorneys are well-equipped to handle.

Why Choose Edictum Law and Co?

Selecting the right legal partner in bankruptcy and insolvency matters is crucial. Here are a few reasons why clients choose Edictum Law and Co:

Proven Expertise: Our attorneys are well-versed in the latest developments and case laws related to bankruptcy and insolvency.

Personalized Attention: We understand the stress involved in financial distress and offer personalized services to ease our clients through the process.

Result-Oriented Strategies: Our track record of successful resolutions attests to our commitment to achieving the best possible outcomes for our clients.

Get Expert Legal Help Today

If you’re facing financial challenges or need advice on insolvency and bankruptcy matters, don’t hesitate to reach out to Edictum Law and Co. For more information or to schedule a consultation, visit our website at Edictum Law and Co or contact us directly. Let our experts help you navigate through these challenging times with confidence and legal excellence.

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Katie Price arrives in court ahead of the hearing

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Understanding the Insolvency and Bankruptcy Code: The Role of Personal Guarantors

The Insolvency and Bankruptcy Code (IBC) is a comprehensive framework designed to address insolvency and bankruptcy issues in India. Enacted in 2016, the IBC aims to consolidate and amend the laws relating to reorganization and insolvency resolution of corporate persons, partnership firms, and individuals. This blog explores the key features of the Insolvency and Bankruptcy Code and the specific role of a personal guarantor under IBC.

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Best Hyderabad Bankruptcy & Insolvency Lawyers

The Insolvency and Bankruptcy law keeps on changing. Our team of lawyers stay up-to-date with the law changes and offer various advice and represents our clients in court in various aspects of insolvency and bankruptcy proceedings. We also have a great deal of experience in the Insolvency and Bankruptcy code to represent clients before the National company law Tribunal (NCLT). We also provide valuable advice to clients on issues related to insolvency and bankruptcy. We also help clients in debt restructuring refinancing, out-of-the-court refinancing and distressed debt trading.

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NCLT Hearing Reveals Complexities in INCAB Insolvency Case

Workers’ Advocate Challenges Financial Claims and Resolution Process Long-standing corporate dispute sees new developments as multiple stakeholders present arguments. JAMSHEDPUR – The National Company Law Tribunal (NCLT) in Kolkata conducted a hearing on the INCAB company case, unveiling a complex web of financial claims and legal challenges. "This case highlights the intricate nature of…

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Game, Set, Match: Boris Becker’s Bankruptcy Battle Ends in Discharge

The case of Boris Becker, the former tennis champion and Wimbledon legend, stands as a cautionary tale within the area of bankruptcy law. Becker’s trajectory from sports stardom to financial turmoil culminated in a prominent bankruptcy case that garnered extensive attention from both the legal community and the public. This case study explores the complexities of Becker’s bankruptcy, the legal…

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From Debt to Recovery - Dubai's Top Tips for Personal Insolvency Solutions

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Liquidation

Topic: Understanding Liquidation: When and Why Your Business May Need ItWhen is Liquidation Needed?Financial Insolvency:Business Restructuring:Mergers and Acquisitions:Regulatory Compliance:The Significance of Liquidation:Maximizing Asset Value:Fair Distribution of Assets:Closure and Resolution:Steps Involved in Liquidation:Board Resolution:Notification:Asset Valuation and Sale:Debt…

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Difference between Insolvency & Bankruptcy in India In recent years, discussions surrounding insolvency and bankruptcy have gained prominence in India, particularly with the introduction of the Insolvency and Bankruptcy Code (IBC) in 2016.

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Our insolvency and bankruptcy lawyers in Delhi provide tailored legal strategies for businesses facing financial challenges, helping you restructure debt and recover stability. 

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Expert Insolvency & Bankruptcy Services | Business Advisory in India - Felix Advisory.

Explore comprehensive insolvency & bankruptcy services along with expert business advisory solutions in India offered by Felix Advisory. Trust our experienced professionals for strategic guidance and seamless resolutions.

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Insolvency Law Firm in Delhi- If you're seeking insolvency law firm in Delhi, then R Associates is a top Insolvency and Bankruptcy law firm in Delhi, specializing in complex cases under the Insolvency and Bankruptcy Code. With experienced lawyers, they represent clients nationwide, delivering successful outcomes in restructuring and liquidations. Reach out to them for legal assistance.

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Understanding the Insolvency and Bankruptcy Code: A Guide to Debt Resolution

The Insolvency and Bankruptcy Code, enacted in 2016, is a landmark legislation that consolidates and amends the laws relating to insolvency and bankruptcy in India. It aims to promote entrepreneurship, facilitate ease of doing business, and ensure timely resolution of insolvency, thereby preserving the value of assets and protecting the interests of creditors.

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