Insolvency arises where an individual or limited company is insolvent, i.e. unable to pay its debts. Common causes of insolvency include reduced income, bad management, adverse changes in the market or the unfortunate failure of a project.
However, once insolvency has occurred, a strict procedure is laid down to deal with the situation.
The Insolvency and Bankruptcy Code India is a major reform aimed at dealing with financial distress efficiently. The code aims to conserve the value of assets, reactivating businesses for investment and entrepreneurship, while ensuring a time-bound process that fairly balances the interests of Creditors, Investors and other Stakeholders.
Debt recovery in India follows a transparent process regulated by the insolvency board. The main attribute of this procedure is the mandate to complete the Corporate Insolvency Resolution Process (CIRP) within a period of 180 days, which can further be extended by a period of 90 days in some extraordinary circumstances. The law of insolvency in India has brought a positive change in the country making the debt recovery faster and effective.
However, what can quickly become a complex procedure for recovery of dues is one that requires professional guidance and expertise. As an investor, whether you are looking to recover your dues as a creditor, restructure your company, or buy a home that has been stalled due to insolvency proceedings, you will require the assistance of an experienced Insolvency lawyer. Our lawyers have extensive experience handling cases under the Insolvency and Bankruptcy Code, 2016 and can offer our clients advice that is strategic and informed.
Our experienced and well-equipped teams of lawyers can assist on issues that are related to insolvency and financial restructurings under the Insolvency and Bankruptcy Code, 2016.
1. Insolvency Resolution Advisory
We can assist individuals and/or corporations as to their respective rights, obligations and recourse under the Insolvency and Bankruptcy Code as applicable. We provide clients with an assessment as to potential risk and recommend appropriate course of action whether an insolvency action or defense thereof is indicated.
2. Representation Before Adjudicating Authorities
Our team of experienced Insolvency lawyers appear before the adjudicating authorities, namely the National Company Law Tribunal (NCLT) and assist our clients in effectively asserting and protecting their interests during the insolvency resolution process.
3. Filing and Managing Claims
We assist creditors (including financial and operational creditors) in filing claims under the Insolvency and Bankruptcy Code, 2016 and subsequent follow-up with the Adjudicating Authority and the Resolution Professional for realization of dues.
4. Debt Recovery in India
Our team of lawyers assist clients to efficiently recover their outstanding debts in India using the mechanisms of debt recovery and insolvency and bankruptcy under the Insolvency and Bankruptcy Code, 2016. We develop a strategic approach for our clients in relation to debt recovery, including issues of planning and negotiations with corporates or their promoters, prior to any reference to the Resolution Professional. We also advise on and represent clients in Bankruptcy and Insolvency proceedings, as may be required, including appearances before the Adjudicating Authority and the Debt Recovery Tribunal. We represent creditors in adversary proceedings before the bankruptcy tribunals.
5. Assistance for Homebuyers
Homebuyers have significant financial exposure when a Developer becomes insolvent. We can assist those affected buyers in relation to:
Our aim is to protect the interests of homeowners and recover their investment, or otherwise reclaim their property.
6. Corporate Insolvency Resolution Process (CIRP) Support
We provide end-to-end support throughout the CIRP, including:
Our approach ensures that your compliance with the Insolvency and Bankruptcy Code, 2016 is achieved on time and within the mandated procedures.
7. Liquidation Proceedings
In case of non-viability of resolution, we assist our clients in liquidation of the corporate debtor. In the process, we identify, value and liquidate assets of the corporate debtor and distribute them in accordance with the Insolvency and Bankruptcy Code, 2016.
8. Dispute Resolution & Litigation
Our lawyers represent and advise on disputes arising during the course of insolvency proceedings, including challenges to decisions to reject creditors' claims, between different classes of creditors and other issues such as allegations of fraud. We appear as required before the tribunals and ensure that appropriate decisions are obtained from the insolvency board.
9. Advisory for Businesses & Startups
We assist the companies in re-engineering their operations and finances to prevent bankruptcy. Our advisory team provides companies with preventive solutions to comply with the Insolvency and Bankruptcy Code, 2016 and also assists them in staying financially stable.
Our approach to resolving and handling insolvency distress is deeply rooted in our comprehensive knowledge of the Insolvency and Bankruptcy Code, 2016 (IBC) along with the ground realities of the ecosystem. This, combined with our legal expertise and business acumen, enables us to develop legal strategies that are grounded in commercial realities and viable for implementation.
We conduct thorough analysis of both the financial and legal positions of our clients. On this basis, we then develop practical solutions to mitigate their financial difficulties in compliance with the insolvency and bankruptcy code. Our team are available at all times to counsel our clients and ensure that each solution is implemented effectively and in a timely manner.
In addition to facilitating swift and effective resolution, our team specializes in mitigating risks and maximizing recovery through a combination of resolution, restructuring, and liquidation methodologies. Our in-depth familiarity with the framework provided by the Insolvency and Bankruptcy Code, 2016 enables us to deliver solutions for complex insolvency matters across industry segments.
Our law firm strives to deliver a comprehensive legal service to clients involved in insolvency and bankruptcy matters. Whether you are in bankruptcy, insolvent, needing advice, or are a creditor seeking to recover debt, we are experienced in dealing with all bankruptcy matters under the Insolvency and Bankruptcy Code, 2016.
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Gautam Khurana is an advocate licensed to practice in India for more than 25 years and registered with the Bar Council of India......
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