Advising and representing clients before the National Company Law Tribunal (NCLT) at Mumbai in matters relating to insolvency and liquidation of corporate debtors by financial creditor and operational creditor.
Strategy and advisory services in filing or defending the corporate insolvency process application, assisting in revival/resolution, handling Liquidation Process and Recovery and Execution.
Insolvency and Bankruptcy Code, 2016 refers to the bankruptcy law of India that attempts to consolidate the current framework by creating a single law for insolvency and bankruptcy. The Insolvency and Bankruptcy Code, 2015 was first intiated in Lok Sabha in December, 2015 by Finance Minister, Arun Jaitley. The procedure is as follows: A plea for insolvency is given to the adjudicating authority through financial creditors or the corporate debtor. If the plea has been accepted, the tribunal then has to appoint a professional to draft a resolution plan. Next the IRP may seek the help of the company’s management. If the CIRP does not succeed in reviving the company, then the liquidation process starts.
The Insolvency and Bankruptcy Code has become the preferred debt default resolution mode within the last 3 years and the legal needs of lenders and insolvent companies have changed.
If you are searching for information or resolving your case dealing with Insolvency and Bankruptcy laws in Mumbai, then contact Lex Ventures Advocates. With over 19 years of legal practice, they can provide you the assistance you require. The main guarantee of IBC is a time-constrained resolution of debt that has gone awry, which when is not resolved for extended period of time has a negative effect on lenders, investors and all others involved. By this process, companies allow lenders to recover their payment in part and salvage the company’s business after debts are met. The process also offers a company a brand new beginning, with fresh promoters and a practical balance sheet.