Lex Conseiller deals with restructuring debts and securities. The enactment of the Insolvency and Bankruptcy Code of 2016 has brought challenging situations. Lex Conseiller enjoys the reputation of handling proceedings at a grand scale for stakeholders varying from creditors and funds to distressed companies. The professionals are dedicated to offering advice on the disputes arising from the proceedings.
Lex Conseiller incorporates a team of Bankruptcy and Insolvency Lawyers that are dedicated advisors to leading financial institutions, institutional investors, distressed businesses, asset purchasers, and more.
What is Insolvency Law in India – Law Relating to Insolvency
The legal regime associated with the Insolvency and Bankruptcy Law has undergone significant changes whereby a faster resolution process is taken up and simultaneously opens specific paths for acquiring businesses.
India has had a framework of laws that has evolved from a setup utterly administrative under legislations such as:
- Sick Industrial Companies Act,
- Securitisation and Reconstruction of Financial Assets
- Enforcement of the Security Interest Act
- Recovery of Debt Due to Banks and Financial Institutions Act
Although a notch up from all the outdated legislation, the code is still developing. The IBBI (Insolvency and Bankruptcy Board of India), an ever-evolving institution, has been forward-looking in bringing amendments to the code. The effort is further bolstered by our esteemed judiciary, trying to rest these ambiguity issues and bring clarity to the provisions.
The earlier framework was plagued with ambiguities and made it very strenuous for lenders to recover their debts. In contrast, the new framework is a breath of fresh air with its time-bound framework of recovery of debts.
To sum it up, the code has specifically created an Environment in India that is an achievement that needs more recognition. In all its material senses, the novel Insolvency and Bankruptcy Code, 2016, has made a remarkable impression on the recovery system of debts in India and will continuously inspire confidence in stakeholders in the times to come.
What is Bankruptcy Law in India- Law Relating to Bankruptcy
The Insolvency and Bankruptcy Code, 2016 (Code) was introduced after a regime of outdated legislation did not serve its purpose and was filled with vagueness.
The corporate insolvency resolution proceedings (CIRP) can be commenced either by a debtor (an individual or partnership firm) or the creditor, which encompasses a financial, operational, secured and unsecured creditor and a decree holder.
Under the given Code, proceedings related to insolvency against an individual are initiated through the ‘bankruptcy’ route or the ‘fresh start’ route. An elaborate procedure is involved under each route, which also brings certain drawbacks.
One such drawback of the bankruptcy provisions is the unavailability of bankruptcy exemptions that allow the debtor to retain certain properties or assets even after the insolvency proceedings have commenced, thereby not ensuring any stipulated bare-bones lifestyle for the debtor in the resolution plan.
The only redeeming feature for the debtor is the existence of a veto right in case the creditors suggest any modifications to the resolution plan. The mentioned drawbacks would likely be resolved once the New Regime comes into operation by way of Regulations and timely amendments, as has been the case with the corporate insolvency resolution process.
Services Offered By Our Bankruptcy and Insolvency Lawyers
We are a team of hard-working, well-organized, discerning, experienced lawyers for insolvency and bankruptcy. We offer services ranging from:
- Enforcement of Security Interests,
- Sale of Distressed Assets,
- Securitisation & Liquidation,
- Auctions and Credit Bidding,
- Distressed Acquisitions and Sales,
- Corporate Debt Restructuring,
- Negotiating Settlements, etc.
As Insolvency lawyers in the insolvency and bankruptcy firm, we put ourselves in the client’s shoes and try to bring in expertise to help formulate strategic plans.
We are an Insolvency and Bankruptcy firm that will work to the best of our abilities to come up with solutions that serve your interests most effectively. Our Insolvency lawyers are also well-positioned to help you in the hour of your financial distresses. Our team at Lex Conseillor helps to maximise the recovery and protect businesses.
Contact Us for the Best Assistance
If you want to resolve your insolvency and bankruptcy laws, you have come to the right place. We are a firm that works out your queries of searching for information and resolving your dispute to the best of our abilities. With an exceptional practice of 10 years in law, the Lex Conseiller Advocates are keen on providing your assistance.
Dealing with many subject matters has given us optimum exposure to the requisite area. Our competence reflects that we relentlessly provide services to the best of our abilities to individuals and businesses in numerous ways. Our firm is very mindful of the nuances of laws, and we keep in touch with the developments of the daily law.