Expertise
Insolvency & Bankruptcy
S&A Law Chambers has extensive experience in insolvency and bankruptcy litigations under the Insolvency and Bankruptcy Code. We represent corporate debtors, creditors, and resolution professionals in complex insolvency matters. Our notable representations include the SREI Multiple Asset Investment Trust case before the Supreme Court where Shyam represented Canara Bank in insolvency proceedings against Deccan Chronicle Holdings Ltd. We handle Corporate Insolvency Resolution Process (CIRP) matters, liquidation proceedings, and creditor rights enforcement. Our practice includes advising on debt restructuring, resolution plans, and post-admission proceedings, ensuring comprehensive support throughout the insolvency process.
Common Questions
What are the qualifications for appointment of Insolvency Resolution Professional
An individual is eligible to register as an Insolvency Professional (IP) if they meet specific criteria, including being an Indian resident, being of sound mind, and possessing qualifications like passing the Limited Insolvency Examination along with required managerial experience (IBBI FAQs on Registration as an Insolvency Professional).
What is the Insolvency and Bankruptcy Code, 2016?
The Insolvency and Bankruptcy Code, 2016 (IBC), is an Indian law consolidating and amending insolvency resolution laws for corporate persons, partnership firms, and individuals in a time-bound manner. Its core objectives are to maximize asset value, promote entrepreneurship, ensure credit availability, and balance stakeholder interests.
What is the Insolvency and Bankruptcy Board of India (IBBI)?
The Insolvency and Bankruptcy Board of India (IBBI) is the regulatory authority established to oversee insolvency professionals, agencies, information utilities, and the resolution process for companies and individuals in India.
What are Information Utilities?
An Information Utility (IU) is a credit and contract repository established to store and authenticate financial information concerning debt, assets, and liabilities from creditors and debtors, providing undisputed evidence for initiating the insolvency process (Insolvency and Bankruptcy Code, 2016, Section 215).
What problems does IBC solve in the financial system?
The IBC, 2016 primarily addresses the challenges of fragmented, ineffective laws and significant delays in insolvency resolution, which previously led to high Non-Performing Assets (NPAs) and trapped capital, by providing a unified, time-bound recovery mechanism (Insolvency and Bankruptcy Code, 2016).