Insolvency and Bankruptcy

The Insolvency and Bankruptcy Code, 2016 (IBC) seeks to consolidate the pre 2016 different laws dealing with insolvency and bankruptcy by creating a single law for addressing the problems of insolvency and bankruptcy in a time bound manner.

The bankruptcy code is a one stop solution for resolving insolvencies and issues related with willful default in payments to creditors by Debtors.

The cases for corporate insolvency including insolvency of  LLPs  are submitted by financial or operational creditors or the corporate debtor itself as the case may be before the adjudicating authority which is NCLT. The max time allowed to either accept or reject the plea is 14 days. If the plea is accepted, the tribunal has to appoint an Insolvency Resolution Professional (IRP) to complete the Corporate Insolvency resolution process in a time bound manner. If the Corporate Insolvency resolution process fails, liquidation process will start, which again needs to be completed in a time bound manner. 

Athena Law is representing creditors as well as debtors before adjudicating authorities as well as before their appellate authorities.