As per the Insolvency and Bankruptcy Code, 2016, IBBI (Insolvency Professionals) Regulations 2016, ASC is fully compliant Insolvency Professional Company. Insolvency services are amended and updated from frequently as per Circulars issued by IBBI for various compliances.
ASC as an Insolvency Professional Company can be appointed as Interim Resolution Professional, Resolution Professional, Liquidator or Bankruptcy Trustee in any case. These assignments can be given only to Insolvency Professionals who are enrolled as a member of an Insolvency Professionals Agency (IPA) and are registered with Insolvency and Bankruptcy Board of India. Being an Insolvency Professional Company, ASC provides support services to Insolvency Professionals who are its Partners in carrying out various assignments where they may be appointed.
ASC is providing numerous support services to its partners who have been appointed as Interim Resolution Professional or Resolution Professional in the Corporate Insolvency Resolution Process of any Corporate Debtor.
ASC has developed a large team responsible for conducting various functions of Fast track Corporate Insolvency Resolution Process. The team consists of Law graduates, Company secretaries, Cost Accountants, experienced commerce graduates, chartered accountants, experienced accountants, computer operators, etc.
ASC provides complete legal support and advisory for understanding the various legal documents received by partners along with the claims and other documents sourced from Corporate Debtor. The legal team also support the partners of Insolvency Professional Entity for various provisions of Code and regulations made for Corporate Insolvency Resolution Process and liquidation processes.
The partners of ASC are being appointed as liquidator during Liquidation Process and Voluntary Liquidation Procedure and would also be appointed as Bankruptcy Trustee after the requirements of Individual bankruptcy are notified. ASC has separated the function of Liquidation Process and has trained a separate batch for the handling of Liquidation Process.
When a company undergoes insolvency as a consequence of Insolvency and Bankruptcy Code (IBC), there is also a provision in IBC Code 2016, how and when a claimant can fresh start after undergoing Insolvency process. Below are the prerequisite criteria for a person to apply for a fresh start after undergoing an insolvency process.
At the hearing of the petition, the court can issue a bankruptcy order against the judgment debtor. The courts must be content with the proof of debt, the act or bankruptcy and the service of the petition upon making the bankruptcy order.
The court makes a Bankruptcy order after the bankruptcy petition has been accessible. It is usually presented either by creditor’s petition or debtor’s petition. The bankruptcy order lets the Director-General of Insolvency (DGI) be the receiver of the debtor’s property. Upon the courts making the bankruptcy order against the judgment debtor, creditors whose debts are attestable in the bankruptcy shall have any remedy against the property or debtor in respect of the debt, nor are any legal proceedings commenced against the debtor without the leave of the courts.
The provisions and processes are designed keeping into account the need of the hour thereby providing a remedy in a time-bound method. Even though provisions have been drafted for the same but they are not being looked up to but other remedial measures are resorted to for seeking a remedy against individuals and partnership firms.
The provisions of the Insolvency Resolution Process for individuals & partnerships are alike to the extent of the corporate insolvency resolution process for corporate persons.
The major points of difference between the insolvency proceedings of corporate persons and individuals & partnership firms are that the application by corporate persons is filed with NCLT whereas application by individuals & partnership firms is filed with DRT.
How ASC helps?