Insolvency & Bankruptcy Advisory

Insolvency and Bankruptcy Code, (IBC) was enacted by Parliament in order to consolidate and amend the laws relating to Insolvency and Bankruptcy of Corporates, Partnership Firms and Individuals. Prior to the enactment of the IBC, the state of the bankruptcy process was highly fragmented as the powers of the creditors and debtors under insolvency were provided in separate legislations. This inevitably led to low chances of consistency and efficiency in the resolution process. Thus, the emergence of Insolvency & Bankruptcy Code, 2016 is a
tremendous reform which has simplified and expedited the resolution process which once took ages to conclude tremendous reform which has simplified and expedited the resolution process which once took ages to conclude.

We advise clients to take up works against defaulting debtor companies by invoking the relevant provisions of the Companies Act 2013 and assist in drafting demand notices as per statutory requirements, in preparing and filing winding up petitions and in taking up all advisory works relating thereto. We assist debtor companies also in defending such notices and petitions. Our key services under this category include:

– Advice on the Insolvency and Bankruptcy Code, 2016 including but not limited to the restructuring and insolvency process contained therein.
– Advice and assistance in strategizing, drafting, negotiating and finalizing transaction documents, like applications, petitions and resolutions.
– Advice and assistance to Directors and Key Managerial Personnel in relation to their liabilities and obligations arising out of a restructuring and the formal or informal insolvency processes.
– Advice and assistance on the liquidation process available to debtors including but not limited to under the Companies Act, 2013 and the Insolvency and Bankruptcym Code, 2016.
– Assist in developing an individualized turnaround plan (resolution plan).
– Conducting audit for past 2 years for ascertaining Under-Valued, Preferential, Fraudulent and Extortionate Credit Transactions.
– Verification of Creditor’s Claims
– Verification / Completion of secretarial records
– Verification of related party transactions
– Incidental activities for successful completion of Resolution Plan.
– Consolidation, verification and determination of claims
– Advising and assisting in initiation of Corporate Insolvency Resolution Process against Corporate Debtors
– Assisting liquidator in record maintenance, formation of liquidation estate, consolidation and verification of claims and distribution of assets.

– Advising and assisting Corporate Debtors in preparation and submission of information to IRP/RP, preparation of secretarial and accounting records,
– Advising Corporate Debtors on remedies available under IBC against decisions of RP/IRP/NCLT