Insolvency, Bankruptcy, and Business Rescue
Insolvency and bankruptcy have always been niche areas, legal professionals, with immense experience in the revival and restructuring of companies, are successfully advising multiple corporate insolvency resolution processes.
Legal teams with panels of Insolvency Resolution Professionals aim to provide comprehensive services to all the stakeholders viz. Corporate Debtors, Financial Creditors, Operational Creditors, Resolution Professionals, and Resolution Applicants under insolvency resolution processes.
Corporate Debtors
- Planning and strategizing, due diligence of the defaulting Corporate Debtor, and advising appropriate action under the provisions of the Code
- Secretarial due diligence and updating the records of the Corporate Debtor
- Identification of risks and defaults of the Corporate Debtor under various applicable laws
- Strategizing, conceptualizing, collating data/information, and drafting the necessary documents/petitions and appearance before the National Company Law Tribunal for admission of Petition etc.
- Appearance before the NCLT/NCLAT for contesting the admission of the Corporate Debtor for the Corporate Insolvency Resolution Process
Financial Creditors
- Strategizing, conceptualizing, collating data/information, and drafting the necessary documents/petitions and appearance before the National Company Law Tribunal for admission of Petition etc.
- Planning and strategizing with the secured creditors in relation to their dues against the defaulting Corporate Debtor and advising appropriate action
- Appearance before the NCLT/NCLAT for contesting the admission of the Corporate Debtor for the Corporate Insolvency Resolution Process
- Filing of claims on behalf of the FC
- Representation on behalf of FC in the meetings of the Committee of Creditors
Operational Creditors
- Planning and strategizing with the unsecured creditors or operational creditors in relation to their dues against the defaulting Corporate Debtor and advising appropriate action
- Strategizing, conceptualizing, collation of data/information, drafting of the necessary documents/demand notices/petitions and appearance before the National Company Law Tribunal for admission of Petition, etc.
- Appearance before the NCLT/NCLAT for contesting the rejection of the commencement of the Corporate Insolvency Resolution Process against the Corporate Debtor
- Filing of claims on behalf of OC including workmen, present and past employees
Interim Resolution Professional
- Assistance to the IRP in the performance of its duties including issuing public notice for calling of claims, verification of claims, day-to-day management of the affairs of the company, constitution of the committee of creditors, preparation of IM, etc.
- Assistance in calling and convening of meetings and filing before various authorities etc.
Resolution Professional
- Assistance to the RP in the performance of its duties as provided under the Insolvency Code and regulations issued thereunder
- Advisory and opinion about documentation/contractual arrangements to be entered into by the IRP with other external consultants/advisors, regarding admission of claims of the creditors, in examining the eligibility of the prospective Resolution Applicants for submission of resolution plan, etc.
Business Rescue
Professionals of the Business Rescue and Insolvency team carefully consider the new legislations and the manner in which business rescue proceedings are to be implemented. This includes advising on the manner in which companies should file for business rescue proceedings; the appointment of business rescue practitioners to supervise business rescue proceedings; as well as the duties and liabilities of all parties involved in the business rescue process.
The purpose of business rescue is to maximize the likelihood of the company continuing in existence on a solvent basis. The key to business rescue will be the successful development and implementation, if approved by creditors, of a business rescue plan to rescue the company by restructuring its affairs, business, property, debt, other liabilities, and equity. In the event that this is not possible, the implementation of a business rescue plan should result in a better return for the company’s creditors or shareholders than would result from an immediate liquidation of the company.
