Insolvency Professional Service

Insolvency Professional Service
The Insolvency and Bankruptcy Board of India has been constituted w.e.f. 1st Oct, 2016 under section 189 of Insolvency and Bankruptcy Code, 2016. The Insolvency and Bankruptcy Code, 2016 has come into force with effect from 1.12.2016 as a comprehensive enactment to deal with all Insolvency and Bankruptcy related matters in India pertaining to Corporate Entities.
The Corporate Insolvency Resolution Process under the Code can be only filed through an Insolvency Professional. On the appointment of the Insolvency Professional under the Code, the existing Board of Directors ceases to exist and the Insolvency Professional takes over the affairs of the Corporate Entities. 
Our senior Partner CA Yogender Pal Singhal registered as an Insolvency Professional with Insolvency and Bankruptcy Board of India (IBBI) and Indian Institute of Insolvency Professionals of ICAI. He has rich experience of 30 years in the field of BIFR / AAIFR matters and Revival of Sick Companies, including the preparation of Rehabilitation schemes, Corporate Debt Restructuring (CDR) and One Time Settlement(s) (OTS), Financial Proposals, Settlement with Banks/FIs and Other Agencies, attending the Joint Meetings with FI’s/ Banks and Presenting the Case before the BIFR/AAIFR.

Prospective Services as an Insolvency Professional under the Insolvency and Bankruptcy Code 2016:-

• Making Application under the Code to the Adjudicating Authority- National Company Law Tribunal (NCLT)
        on behalf of Financial Creditors, Operational Creditors, Corporate Debtors, etc.
• Formation of Committee of Creditor (CoC) and Facilitating the meeting of CoC 
• Preparation of Information Memorandum (IM) and invite Resolution Plans
• Preparation of Corporate Insolvency Resolution Process
• Investigate the Financial Affairs of the company
• Act and Execute in the name and on behalf of the Corporate Debtors and Others
• Recovery of Dues of any person from any Company / Firm / Individual through the Code
• Receive, verify and value the claims of all the Creditors
• Take into his custody or control all the Assets and Sell the Assets of the Corporate Debtors as per the Rules of the Code
• Carry on the business of the Corporate Debtor for its beneficial liquidation and distribution of Realised amount as per the Code
• Form an estate of the assets which will be called the liquidation estate