THE INSOLVENCY AND BANKRUPTCY CODE, 2016 (IBC)
The Insolvency and Bankruptcy Code, 2016 (IBC) deals with :
- Insolvency Resolution and Liquidation of Corporate Entities
- Bankruptcy of individuals and partnership firms.
OBJECTIVES OF THE IBC, 2016
The major objectives of IBC, 2016 are:
- Consolidate the laws relating to insolvency, reorganization and liquidation/ bankruptcy of all persons, including companies, individuals, partnership firms and limited liability partnerships (‘LLPs’) under one statutory umbrella and amending relevant laws.
- Time bound resolution process
- Promote Resolution as first step for revival of corporate Debtor and Liquidation as last resort
- Shifting the control from Debtor to Creditors
- Creating pillars for bringing efficiency in resolution process through National Company Law Tribunal , Insolvency Resolution Professional Agencies, Insolvency Professionals and Information Utilities
IP SERVICES
- Serving as IRP/RP and Liquidator
- Assising Clients in taking possession of Assets
- Scrutiny/ Verification of claims
- Assisting IRP/RP in conducting committee of Creditors
- Assisting in preparation of Information Memorandum
- Preparation of Resolution Plan
- Assisting in Checking Eligibility Criteria u/s 29A
- Conducting Transaction Audit/ Forensic Audit