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The Insolvency and Bankruptcy Code, 2016

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The Insolvency and Bankruptcy Code, 2016

The Insolvency and Bankruptcy Code, 2016.

The Insolvency and Bankruptcy Code, 2016 (IBC) is the bankruptcy law of India which seeks to consolidate the existing framework by creating a single law for insolvency and bankruptcy. The Insolvency and Bankruptcy Code, 2015 was introduced in LokSabha in December 2015. It was passed by LokSabha on 5 May 2016.Under provision of section 408 & 410 of the Company Act, 2013, the central government shall by notification, constitute, with effect such as may be specified therein, a tribunal to be known as the National Company Law Tribunal & National Company Law Appellate Tribunal respectively. The Code received the assent of the President of India on 28 May 2016. Certain provisions of the Act have come into force from 5 August and 19 August 2016.The bankruptcy code is a one stop solution for resolving insolvencies which at present is a long process and does not offer an economically viable arrangement. A strong insolvency framework where the cost and the time incurred is minimized in attaining liquidation has been long overdue in India. The code will be able to protect the interests of small investors and make the process of doing business a less awkward process.

The first insolvency resolution order under this code was passed by National Company Law Tribunal (NCLT) in the case of “Synergies-Dooray Automotive Ltd.” on 14 August 2017 and the second resolution plan was submitted in the case of “Prowess International Private Limited” represented by Advocate Akhilesh Kumar Shrivastava and Akash Sharma. The plea for insolvency was submitted by company on 23 January 2017. The resolution plan was submitted to NCLT within a period of 180-day period as required by the code, and the approval for the same was received on 2 August 2017 from the tribunal. The final order was uploaded on 14 August 2017 on the NCLT.

Our firm Preach Law LLP succeeds for several reasons

Diverse Clientele and Wide-Ranging Scope: Ouract for all types of clients dealing with challenging business circumstances and deliver leading-edge counsel in complex matters throughout the Indian economy. We are relied upon as tested and trusted advisors to directors, senior executives, in-house counsel, credit and investment officers and fund managers, as well as other professional advisors, court-appointed officers and regulators. In addition to providing advice and leadership in distress situations, we are frequently consulted on mergers & acquisitions, securitizations and derivatives, credit matters, supply chain management, financial reporting and governance in business-critical situations.

Multi-Disciplinary Approach: We are solving complex business challenges requires an integrated application of expertise and perspective across many different disciplines. Preach Law LLP’s Insolvency & Restructuring practice is based on a multi-disciplinary approach that lures upon market leading resources throughout the Firm to deliver integrated solutions seamlessly and effectively to meet the needs of any business-critical situation.

Effective Strength: We have far-reaching relationships with India based advisors and have earned a leadership position in crafting comprehensive solutions. We were put our effective strength of professional to governing administrative process, substantive remedies, and court-to-court communications in insolvencies.

Scalable Staffing with Deep Expertise: We invest heavily in the training and development of our personnel and have built a dedicated team with rigorous standards and market leadership for years. Our clients gain the benefit of a professional “depth chart” at varying levels of seniority that allows us to tailor the team to meet the demands of any business-critical situation in a cost-effective manner while providing innovative solutions that only deep expertise can. That experience and expertise allow Preach Law LLP to deliver practical, commercially achievable solutions to compelling business challenges.

Speedy Response: We engage quickly, efficiently and effectively to meet the needs of any business-critical situation, regardless of the level of complexity.

Jurisdiction of NCLT/NCLAT

Class action u/s 245 of the Company Act, 2013
Refusal to Transfer Shares u/s 58 and 59of the Company Act, 2013
Oppression and Management u/s 241r/w section 397 of the Companies Act, 2013.
Financial Year u/s 2(41) of the Company Act, 2013

Reopening of Accounts and Revision of Financial Statements u/s 130 & 131 r/w section 447 & 448 of the Company Act, 2013.
Deregistration of Companies u/s 7(7) of the Company Act, 2013.
Deposits, prescribed in consultation with the Reserve Bank of India (RBI). Chapter V of the 2013 Act and the Companies (Acceptance of Deposits) Rules, 2014.

Power to Investigate, Chapter XIV of the Companies Act, 2013.
Conversion of Public Company to Private Company u/s 13 &18 r/w section 459 of the Company Act, 2013.
Tribunal Convened General Meetings u/s 97 and 98 of the Company Act, 2013

Our services

Our Insolvency Bankruptcy & Restructuring team is leading multi-disciplinary practice, offering top-tier legal expertise in all aspects required to resolve the most compelling business challenges. Our team based, multi-disciplinary approach delivers innovative and integrated solutions for complex business/ critical matters. We provide a full set of business-critical transactions and advisory services in challenging circumstances including:-