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Browse our 2 legal questions about Bankruptcy & Debt in India and read the lawyer answers, or ask your own questions for free.
Based on the facts shared, it is explained that at present, individual bankruptcy in India is not governed by the Insolvency and Bankruptcy Code (IBC) because the provisions relating to ordinary individuals have not yet been implemented by the Government....
Read full answerBased on the facts stated, it is my considered opinion that you have supplied fabric worth ₹4,12,536 to your customer in the ordinary course of your textile business, the goods have been duly delivered and accepted, and despite being financially...
Read full answerBankruptcy and debt law in India is primarily governed by the Insolvency and Bankruptcy Code (IBC), 2016. The Code consolidates and amends laws relating to reorganization and insolvency resolution of corporate persons, partnership firms, and individuals in a time-bound manner. The objective is to promote entrepreneurship, improve the ease of doing business, and to protect the interests of creditors by ensuring maximization of value of the assets of insolvency debtors. The IBC also provides a specific platform for corporate insolvency resolution with an emphasis on debtor-driven proceedings.
Engaging a lawyer for bankruptcy and debt-related issues is crucial in navigating the complex procedures and legal requirements. Common situations where legal help may be necessary include:
The key legislation includes the Insolvency and Bankruptcy Code, 2016, the Recovery of Debts Due to Banks and Financial Institutions Act, 1993, and the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act). These laws are designed to ensure effective legal tools for recovery of debts and establishment of the procedure for insolvency resolution in India.
The IBC introduced the concept of a time-bound process for resolving insolvency, with the Corporate Insolvency Resolution Process (CIRP) being one of its main features, intended to prevent undue delay and value erosion of the debtor's assets.
The Insolvency and Bankruptcy Code, 2016 is a consolidated law that governs the insolvency and bankruptcy process for individuals and businesses in India. It aims to minimize the time and cost of insolvency proceedings.
To promote entrepreneurship, enhance the ease of doing business, make available credit, and balance of interests of all stakeholders by maximizing the value of debtor's assets.
Insolvency proceedings can be initiated by financial creditors, operational creditors, or the debtor themselves.
The National Company Law Tribunal (NCLT) is the adjudicating authority for all corporate insolvency resolution and liquidation processes under IBC.
Personal insolvency applies to individuals and partnerships, while corporate insolvency applies to corporate entities such as companies.
CIRP is a mechanism under IBC for resolving insolvency issues of a corporate debtor in a time-bound manner, generally within 180 days.
Yes, individuals can file for bankruptcy when they are unable to repay their debts, aiming for a debt relief or restructure.
During the moratorium period, creditors are prohibited from initiating any new action or continuing with current proceedings against the debtor or its assets.
Insolvency Professionals manage the resolution process, take over the operations and function as an administrator for the corporate debtor.
SARFAESI empowers banks and financial institutions to auction residential or commercial properties to recover loans without the intervention of the court.
Consider reaching out to the following resources for more information and assistance:
If you need legal assistance in bankruptcy and debt, consider the following steps:
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The information provided on this page is for general informational purposes only and does not constitute legal advice. While we strive to ensure the accuracy and relevance of the content, legal information may change over time, and interpretations of the law can vary. You should always consult with a qualified legal professional for advice specific to your situation.
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