Track Your Request
Track Your Request
+91-7604047602 Our Team About Us Legal Blog Free Legal Advice Login
Menu
Vidhikarya Text Logo
arrow_back
Bankruptcy And Debt Lawyers
Bankruptcy And Debt Lawyers

Bankruptcy & Debt Laws

Common questions on ‘Bankruptcy & Debt Laws’

  • What are the laws on bankruptcy & debt in India?
  • What does it mean when a debtor is discharged?
  • Can a creditor collect on a discharged debt?
  • Can discharged debt be sold?
  • How long does a creditor have to collect a debt?

The primary law dealing with the subject of bankruptcy and debt laws is the Insolvency and Bankruptcy Code 2016.

The Insolvency and Bankruptcy Code, 2016 (IBC) is a substitution to separated legal framework and a split institutional set-up which was kept on passing on poor outcomes for a significant long time loan bosses and troubled business searching for an exit. This will profit everybody loan bosses, troubled business, economy and the estimation of the assets will be expanded. The manner by which the law is starting at now being realized seems to focus more on fast operationalisation. It has presented the time bound determination process which is the 180-day course of events talks profoundly about the point of the IBC – fast assurance of insolvency to help with the recuperation as to win in the economy where there is more capability about the recuperation system and expanding the estimation of assets of bothered business. Since the IBC accommodates a period bound system, it puts gigantic weight on the promoters as wells as the lenders to quick track a trade off recipe or risk the asset being liquidated.

Bankruptcy is a legal proceeding involving a person or business that is unable to repay outstanding debts. Some of the distinguishing elements of the code are-

  • Comprehensive law – this code is a comprehensive law which envisages and regulates the process of insolvency and bankruptcy of all persons including corporates, partnerships, LLP’s and individuals.
  • Withering away of Multiplicity of Laws – Code withered away multiple laws covering the recovery of debts and insolvency and liquidation process and presents singular platform for all the reliefs relating to recovery of debts and insolvency.
  • Clarity in Process- there is a clear and unambiguous process to be followed by all stakeholders. There is also shift of control from shareholders and promoters to creditors.
  • New Regulatory Authority- it provides for constitution of a new regulatory authority, ‘Insolvency and Bankruptcy Board of India’ to regulate professionals, agencies and information utilities engaged in resolution of insolvencies of companies, partnership firms and individuals.

 The Code plots a bankruptcy assurance handle for individuals, associations and affiliation firms. As showed by the Section 6 of the code it is communicated that the method may be begun by either the corporate record holder or the financial lenders and operational advance managers. The most extraordinary time limit of 180 days and 90 days increase just if the Adjudicating Authority is persuaded for realization of the very system, has been set for corporates and individuals.

There are two types of tribunals. For Companies and Limited Liability Partnership Firms there is The National Company Law Tribunal (NCLT) and for people and associations there is the Debt Recovery Tribunal (DRT).

 

Read More

Search Result : Bankruptcy and debt Lawyers

Consult Expert Bankruptcy and debt Lawyers in India

9aa78900a10a83a5981c6666aa3ec235.jpg

Advocate Anik

Bangalore |

Area of Practice

  • Bankruptcy and Debt
  • Cyber, Internet, Information Technology
  • Cheque Bounce
  • Advertising
  • Banking
Total Answers Given : 10690
510d3acef613604ac7a6363a1a678d84.jpg

Anish Palkar

Mumbai | Thane | Mumbai suburban |

Area of Practice

  • Bankruptcy and Debt
  • Divorce
  • Contracts and Agreements
  • Civil
  • Debt Collection
Total Answers Given : 855
c1b7ecad67019bc39469c83e9e8b9b9b.jpg

Prabhakara S K Shetty

Bangalore |

Area of Practice

  • Bankruptcy And Debt
  • Family
  • Muslim Laws
  • Adoption
  • Property
Total Answers Given : 663
791ef69092d242809f85a377260c6979.jpg

Shrikrushna Tambde

Nagpur |

Area of Practice

  • Bankruptcy And Debt
  • Banking
  • Consumer Protection
  • Cyber, Internet, Information Technology
  • Documentation
a998b9661d31d3f6a060e7df874f581e.jpg

Yusuf Shabbir Mithi

Mumbai suburban | Thane | Mumbai |

Area of Practice

  • Bankruptcy And Debt
  • Domestic Violence
  • Landlord and Tenant
  • Documentation
  • Arbitration And Mediation
Total Answers Given : 14
badfc1ec017a84e93f3b010d7b3e65c4.jpg

Girraj Prasad

Jaipur |

Area of Practice

  • Bankruptcy And Debt
  • Criminal
  • Motor Accident
  • Consumer Protection
  • Domestic Violence
b7591029dc60308f39e8e3abbf4c9445.jpg

Sandip Bhowmick

Kolkata |

Area of Practice

  • Bankruptcy And Debt
  • Divorce
  • Media, Communication, Entertainment
  • Equipment Finance and Leasing
  • Criminal
Total Answers Given : 21
b0f8f1f6409f4a847b6e9f1341a45be8.jpg

Anand Shukla Legal Practitioner,Legal Consultant & Advisor

Delhi |

Area of Practice

  • Bankruptcy And Debt
  • Arbitration And Mediation
  • Employment And Labour
  • Power Of Attorney
  • Contracts And Agreements
Total Answers Given : 68
cd685b4710f01086b7785ba11d2be697.jpg

AR Legal Firm

Bangalore |

Area of Practice

  • Bankruptcy and Debt
  • Property
  • Power Of Attorney
  • Commercial
  • Maternity
Total Answers Given : 14
Best  in . Connect and Consult the Top  in !

SUSHILA RAM

South Delhi | Delhi |

Area of Practice

  • Bankruptcy And Debt
  • Media, Communication, Entertainment
  • Aviation
  • Mergers And Acquisition
  • Arbitration And Mediation

Symbol for Lawyer
Find Lawyers by Location


Confirm

Are you sure you want to request for this Advocate's number?

X
Are you
looking for
Legal
Help?
Post your matter to connect with the Lawyers Online
Our Team
Lawyer Login
Be a Partner
Internship
Career

Download the Lawyers App on

Vidhikarya App on Android Platform
Contact Details
7604047602
[email protected]
No. 2, First Floor, Subharaj
Plot No. CE/1/C/19, Premises No. 18-0208,
Action Area- 1, New Town
Kolkata-700156