We, at SPD Consulting Pvt Ltd, offer services related to Insolvency and bankruptcy, mainly for the corporate debtors and creditors. Our firm has substantial experience to handle cases for and against the financial creditors alongside some of the operational creditors.
Indian finally came up with an effective mechanism for initiating the insolvency process against financially defaulting firms through its The Insolvency and Bankruptcy Code, 2016. This code talks about the area where the corporate debtor has unfortunately defaulted to pay a debt and the amount has become due. It will also deal with the payable has not been repaid. This corporate insolvency procedure will get initiated in a way as provided in the code book. Earlier recognition is very crucial for timely resolution of the insolvency in here.
Role Of Insolvency Professional:
The IP or the Insolvency Professional becomes nodal agency to bring in the creditors together and ensure going-concern nature of insolvent right at this resolution procedure. It even helps in preserving assets where the need arises and enhances value of the same by challenging some questionable creation of obligations or transfer of assets. We have the well-trained insolvency professional working on behalf of our SPD Consulting Pvt Ltd.
We will have one enabling role in framing the right resolution plan on behalf of our clients. IP from our side plays one significant role in cementing the interests of corporate debtor and creditors together. So, get to us now if you want to gain proper help from well-trained IP.
Corporate Insolvency Resolution Process:
In layman’s term, insolvency and bankruptcy can always prove to be interchangeable. But, there is a thin line of difference that you need to work with. Insolvency happens to be a financial situation, where the individual or the entity is not able to meet financial obligations because of excess of liabilities over assets.
Where else, you have bankruptcy defined as a legal proceeding where the court passes orders with respect to the insolvency case of any entity or individual and passes orders for the perfect resolution.
The corporate meaning to it:
A company is mostly declared insolvent if it fails to pay debts to credits. There are two ways to check corporate insolvency and those are Cash-flow Test and the Balance Sheet test. We are here to present the best recovery mechanism for the creditors through our Corporate Insolvency Resolution Process. We have well-trained financial creditor and an operational creditor to work on our behalf and get the case resolved ASAP. There are certain steps, which will help us to get the right procedure.
- First, it starts to application to the NCLT.
- Then we will follow the interim resolution moratorium stages and professional stages.
- Later, it calls for analysis and verification of claims and the appointment of our resolution professional.
- Last, it calls for approval of the said resolution plan.
Fast Track Corporate Insolvency Resolution Process Team:
Defined as a well-crafted procedure, the Fast Track Corporate Insolvency Resolution Process is mainly designed to target any specified section of the corporate debtors. We are here to craft such a platform for your company and help you get the finest resolution possible. For that, we follow step by step methods to initiate the ways well.
- At first, we are going to initiate FTCIRP of the LLP or corporate debtor by following the Chapter IV of the part two of Code for fast tract under Section 55 to 58. We can work for the small company, start-up firm and even for the Un-listed companies.
- Then we will work on the filing of application to the NCLT. For that, we need your proof of existence of default with the stated Information Utility and similar other information as mentioned by IBBI.
- It takes around 90 days to complete the FTCIRP for the faster track insolvency commencement date. It might be granted one-time extension of 45 days by the Adjudicating authority.
Legal Team:
We are here with a separate team of insolvency and bankruptcy lawyers and some corporate lawyers. We are readily available to form a noteworthy legal team and take care of insolvency and bankruptcy cases with ease.
- Our experts will advise on complex and larger restructuring of all the distressed assets with the contingency planning, credit bidding.
- We help clients restructure debt, distressed sales or acquisitions, formal insolvency process, distressed debt trading and out of court refinancing.
- We will further advise the lenders and even investors of multiple stated of capital structure and even corporates or directors, government institutions, insolvency office holders or trustees and central banks with some ideas.
- On the other hand, we will also work closely with the specialists in related practice areas such as real estate, corporate, finance, tax, regulatory, employment, litigation and capital market for an all-round service.
Liquidation Process Team:
We have separate Liquidation Process Team, working for not just basic liquidation proceeding but for Voluntary Liquidation Process as well. A team of well-trained human resource professionals is appointed for handling all kinds of liquidation procedures. Some of the key responsibilities from our team are as follows.
- Our role here will be to communicate with stakeholders like promoters and directors, Stakeholders Consultative Committee, statutory authorities, auditors and more for procuring information and even informing them about Liquidation process commencement.
- We will appoint experts like the Registered Valuers for asset valuation help of the corporate debtors. We will also work for the auditors, brokers and even other similar experts.
- Our team will maintain penal of experts after verifying major documents, performance history and antecedents for appointing as corporate debtors. We have a penal of auditors, advocates, media agencies and more for using in our liquidation procedure.
- We will interact and coordinate with various experts for process and providing requisite information for job completion and obtain reports.
- Moreover, we will convene Stakeholders Consultation Meetings and work on the agenda, notices and bridge between Insolvency experts and stakeholders.
- You can join us compile progress reports, preliminary reports, asset memorandum and even work on all the separate information necessary.
- We will be conducting the whole e-auction procedure for preparing e-auction document, sale of asserts, keeping the virtual data room always handy and even verifying eligibility criteria under section 29A.
Fresh Start Process:
The Process helps debtors, below some income and asset based threshold to get their debts waived off completely. For that, we will be following a time-bound and streamlined adjudication procedure. This procedure will be quite effective in waving off the debts of people, who are well-trapped in this debt cycle.
Bankruptcy Order:
If you want to get into details regarding Bankruptcy Order and how to get rid of the bankruptcy issues right from the core, you have come to the right place. We will be providing you with the steps in details from SPD Consulting Pvt Ltd. so that you can always settle for the best result in here.
Insolvency Resolution Process for Individuals and Partnership Firms:
It is true that gaining one brief insight of the present insolvency resolution procedure for partnership forms and individuals will help you to get a detailed glance of insolvency resolution procedure as mostly prescribed for such areas. We, at SPD Consulting Pvt Ltd. are more than happy to guide you through the process.
- It starts with application for initiating the insolvency resolution procedure.
- Then it calls for the interim memorandum, followed by appointment of our resolution professional.
- Next step is submission of created report by our professional, to the current adjudicating authority for the moratorium period.
- A public notice will come into surface along with invitation of claims from the said noted credits. Then it is time to register the claims and prepare list of the creditors.
- After that, we will start working on the repayment plan. Our Professionals will create a report of resolution to work on the repayment plan. Then we will call a meeting of the committee of creditors for further discussion on this matter.
- After that it calls for convening meeting of the committee of credits, followed by approval of repayment plan by the same team and reporting the convened meeting of creditors’ committee.
- Then we will talk about the current decision of adjudicating authority on repayment plan, and then implement the same repayment plan for completing the targeted task with ease.
For all kinds of Insolvency and Bankruptcy services, catching up with our experts from SPD Consulting Pvt Ltd. seems to be the clever choice for you to make. So, if your business is running through some flaws and debts, then we can help you find the right solution.