Insolvency and Bankruptcy Code Law Firm

Insolvency and Bankruptcy Code Law Firm

Insolvency is a state of financial distress where a debtor is unable to pay back the debts owned by him. Hence the individual or the company is no longer in a position to meet their financial liabilities which can arise from various situations that led to poor cash flow. Insolvency proceedings are then initiated against the insolvent person/entity in which legal action will be taken against such person/entity whereby the assets may be liquidated to pay off outstanding debts.

The IBC is an act to consolidate and amend the laws relating to reorganization and insolvency resolution of corporate persons, partnership firms and individuals in a time bound manner for maximization of value of assets of such persons, to promote entrepreneurship, availability of credit and balance the interests of all the stakeholders including alteration in the order of priority of payment of Government dues and to establish an Insolvency and Bankruptcy Board of India, and for matters connected therewith or incidental thereto.

How We May Assist You

When home buyers are faced with insolvency proceedings, the entire investment put in the property falls at stake. Due to this, the construction is put at halt thereby posing a significant risk on the investment put into it.

Our team of expert real estate and property lawyers have assisted various clients in raising claims for-

• Getting a refund of the amount they had invested in the project
• The damages suffered by them due to the liquidation
• For receiving the possession of the property, they had invested into

Apart from this, our experts provide the required assistance in dispute resolution and in filing of cases before the NCLT against the erring builders and developers.

The Insolvency Bankruptcy Code (IBC) defines a definite period for completion of Insolvency proceedings. It is mandatory to complete the Corporate Insolvency Resolution Process (CIRP) within 180 days, but it also gives one time extension of 90 days.  

India Law Offices provides comprehensive Insolvency and Bankruptcy Consultancy Services by accurately assessing the needs and therefore provides tailored services and strategy to achieve the desired results.