There were multiple laws in India dealing with insolvency and bankruptcy which were not aiding lenders in effective and timely resolution of stressed assets, causing undue strain on the Indian credit system. Thus, the Government of India has come out with a consolidated legislation i.e. Insolvency and Bankruptcy Code 2016 (“Code”) effective from May 2016 for speedy resolution of insolvency and bankruptcy of Companies, LLPs, Individuals and Partnership Firms. It can be Corporate Insolvency Resolution Process (CIRP) – for companies and LLPs or Voluntary winding-up Process – for companies and LLPs.
We can assist in following areas:
Accounting - Advisory and guidance for Accounting Standards, Indian Accounting Standards (Ind AS) and its impact. Advisory to the Insolvency Professional (IP) on preparation of the accounts.
Regulatory - Advice on structuring on Corporate Law regulation, Advice on revival/closure of entity under IBC, Due diligence , Cost assessment and impact analysis of stamp duty and Assistance in voluntary liquidation process
Financial - Financial Strategy and general corporate advice ,Business forecasting and evaluation of different option and Due diligence
Resolution Professional : Act as Resolution Professional and manage the affairs of the entity under IBC ,Advice on resolution plan. Appearance / Representation before NCLT and Obtaining NCLT approvals.
Tax - Direct and Indirect tax implication on the resolution process. Tax liability assessment under on resolution plan. Surrender of Direct and Indirect tax registrations in case of winding up. Assistance in obtaining NOC from the Income Tax authorities.
Valuations - Advisory on business , asset and liability valuations ,Valuation of securities and assets ,Purchase price allocation, assessment of impairment loss, etc.
Post Resolution Consulting - Post-structuring integration from Operations, Information Technology, ERP, Admin, HR and other process. Analysis and monitoring of future business plan v/s performance • Advisory on operational risk management.
+91 22 26462554
+91 22 26486238
902, Empressa, Plot #56, 2nd Road, Khar (West), Mumbai-400052.
