The best law firm in Tamil Nadu to file a bankruptcy petition in NCLT is SSK law firm. Being the Best Insolvency and Bankruptcy Code Lawyers we offer your the best solutions in all possible aspects.
Many companies get into loss due to bad debts, in order to overcome this situation, SSK Law Firm will provide skilled advocates to help you in filing an Insolvency petition in NCLT.
With the help of our law team, you can recover the money from bad debts within 6 months after filing the case in National company law tribunal.
The IBC proposes following steps and procedure to resolve insolvency:
In IBC, the creditors will report financial information of the debt; such information will carry record of debt, defaults and liabilities.
Resolution process may be initiated by the debtor or creditor, when default occurs, to manage the debtor’s assets. Professional provides financial information of the debtor from the information utilities to the creditor and manages the debtor’s assets.
The process will be initiated and lasts for 180 days and legal action against the debtor’s is prohibited during this period.
In the National Company Law Tribunal (NCLT) the proceedings of the resolution process will be adjudicated by adjudicating authorities of National Company Law Tribunal for companies; and Debt recovery tribunal for individuals.
To appoint the insolvency professional, and to approve the final decision of creditors are the main duties of authorities to get approval to initiate the legal process.
Insolvency professional administers the liquidation process.If the debtor goes into liquidation, Proceeds from the sale of the debtor’s assets are distributed in the following order of precedence:
i) insolvency resolution costs, including the remuneration to the insolvency professional,
ii) secured creditors, whose loans are backed by collateral, dues to workers, other employees,
iii) unsecured creditors,
iv) dues to government,
v) priority shareholders and
vi) equity shareholders
Insolvency code, provide an order of priority to distribute the assets during liquidation.
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