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CORPORATE INSOLVENCY RESOLUTION PROCESS

The Insolvency and Bankruptcy Code, 2016 ("Code") has been introduced with the primary objective of increasing lender's confidence and facilitating expansion of the credit market in India. The objective of this new law is to promote entrepreneurship, availability of credit, and balance the interests of all stakeholders by consolidating and amending the laws relating to reorganization and insolvency resolution of corporate persons.

The main key feature of The Insolvency and Bankruptcy Code, 2016 (IBC) is that the insolvency process will be managed by Insolvency professionals recognized by the Insolvency and Bankruptcy Board. Such Insolvency professionals will also control the assets of the debtor during the insolvency resolution process.

The Insolvency Professionals requires the practical knowledge of following core areas:

Company Law
Banking/ Finance
Negotiation skills
Insolvency Law
Taxation
Commercial and Business
Stakeholder Management etc.

Having perused the Code, We at RSJ believe that the role of Professionals has expanded significantly under the regime of the Code. Our senior partner is also a recognized Insolvency Professional with enriched experience in appearance with National Company Law Tribunal (NCLT) and other appellate authorities.

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