Insolvency Laws

INSOLVENCY CODE – A BRIEF OUTLINE

With rapid changes in conduct of business, the insolvency proceedings provided in the Companies Act, 1956 were found to be lacking. The sluggishness of India’s insolvency processes was one of the major reasons for its low position in the Ease of Doing Business Rankings of the World Bank Group. Therefore, after extensive consultation, India revisited its bankruptcy and insolvency resolution laws and came out with the Insolvency and Bankruptcy Code, 2016 (“Insolvency Code”). Creditors are  divided into operational and financial creditors and Creditors were provided with a decisive say in insolvency proceedings. The Insolvency Code intends to complete all corporate insolvency resolution processes in a time bound manner within 330 days.  The Insolvency Code proposes to redress this long standing demand of the business and banking community in India.

The Corporate Law Department of PRA Law has an experienced set of lawyers who have years of experience in assisting clients in insolvency processes.  Our clients include renowned private equity firms, multinationals, Indian conglomerates, among others.

HOW WE CAN HELP YOU

PRA Law Offices assists Clients in various aspects of insolvency resolution including:

  • Initiation of corporate insolvency resolution processes (“CIRP”) on behalf of financial creditors and operational creditors against defaulting companies
  • Defending companies against claims of default by financial and operational creditors
  • Assisting creditors and insolvency resolution professionals in implementing the CIRP processes
  • Representing clients before the National Company Law Tribunal, Appellate Tribunal and before Supreme Court in Appeal
  • Assisting Clients in voluntarily winding up their business in accordance with the Insolvency Code

Insights / Articles

Articles

Insolvency and Bankruptcy

Supreme Court Decodes “Dispute” under the Insolvency and Bankruptcy Code

01 Sep, 2017

Guest post by R. Jawahar Lal and Sanjeev Jain, who are Partners, and Apoorva Agrawal, who is an Associate, all at PRA Law Offices, New Delhi. Detailed analysis of the ‘dispute’ conundrum under the Insolvency and Bankruptcy Code, 2016 in light of the judgment delivered by the Supreme Court in Mobilox Innovations Private Limited v. Kirusa Software Private Limited.