INSOLVENCY AND BANKRUPTCY CONSULTANCY

Corporate Insolvency is a situation when an organization is unable to meet its outstanding financial, operational or any other debt/liability towards its lenders and suppliers as it becomes due as per agreement. In such case, Corporate Debtor (to whom money is receivable) has to option to file Insolvency petition against the Corporate Creditor (Who is liable to pay). Corporate debtors can recover money through a very transparent and time-bound process

Therefore, every person to whom money is due can approach NCLT for insolvency process

A] Process of Insolvency:

  • Notice to Corporate Debtors for dues
  • If money is not paid in the time limit, application to NCLT
  • Once the application is admitted, Interim Insolvency Professional (IRP) shall be appointed.
  • IRP shall collect necessary claims, information, form Committee of Creditors and draft a resolution plan.
  • Appointment of Resolution Professional who shall do all necessary actions for all creditors.
  • If Creditors and NCLT approve final plan, then Resolution professional shall manage and implement the same. If not approved, then the same Company shall be liquidated.

** This entire process is of only 180 days to 270 days as per law

We advise / consult firms in Insolvency and Bankruptcy Matters under Insolvency and Bankruptcy Code in following areas:

  • For Corporate Debtors (To whom money is receivable)
  • For Corporate Creditors (Who is liable to pay money)
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