Insolvency and Bankruptcy Code, 2016 (“referred to as IBC, 2016″) have been proved as set of Laws “Turnaround” for the Entities. On one hand, where it has created a big fear for defaulting entities, it has also created a time-bound reform strategy. Salient features are as under :
– IBC was introduced in the year 2016 with the aim to identify the default and maximum the assets
– Any creditor, where default is more than Rs. 1 Crs( increased from Rs. 1 Lac to 1 Crs w.e.f. 24th March 2020), can file a petition before Hon’ble NCLT against the corporate Debtor.
– In case of Homebuyers, the petition under IBC can only be filed if the homebuyers are more than 10% of the total allottees in the project or 100 in nos. whichever is less.
– IBC Laws override other laws (section 238 of IBC)
– NCLT (National Company Law Tribunal) is the adjudicating Authority under IBC Laws?
– IBC Laws provide for a time-bound resolution process by which the defaulting corporate debtor is turnaround and resolution process is implemented.
At Centrik, we offer comprehensive and expert services related to IBC Laws, CIRP, NCLT, NCLAT specializing in claims, small or large, and serve clients nationwide.
Centrik also offers the shortcut method to recover your money and enjoy a peaceful life. Once we’re on board, Centrik would assertively, but lawfully, seek the recovery of your money.
- Preparation & Filing, argument IBC petition
- Claim filing and verification, and related advisory
- Complete Legal support for Corporate Insolvency Resolution Plan (CIRP)
- Complete Legal Support for Pre-Packaged Insolvency Resolution Plan (PPIRP)
- Understanding of nature of debts, default, issue, and related documents
- Preliminary investigation and computation of defaults
- Preparation of possible proposals with your consent
- Debt assignment
- Helping you with the next course of action
- You can check the status at any time on our website