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).

 

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Search Result : Expert Bankruptcy and debt Lawyers

Consult Expert Bankruptcy and debt Lawyers in India

Advocate Advocate Anik Best Bankruptcy and debt Lawyer

Advocate Anik

Bangalore |

Area of Practice

  • Bankruptcy and Debt
  • Torts
  • Writ
  • Cyber, Internet, Information Technology
  • Cheque Bounce
Total Answers Given : 13617 View All Answers
Advocate Anish Palkar Best Bankruptcy and debt Lawyer

Advocate Anish Palkar

Mumbai | Thane | Mumbai suburban | Navi Mumbai | Mumbai City |

Area of Practice

  • Bankruptcy and Debt
  • Cheque Bounce
  • Domestic Violence
  • Cyber, Internet, Information Technology
  • Consumer Protection
Total Answers Given : 883 View All Answers
Advocate Shrikrushna Tambde Best Bankruptcy and debt Lawyer

Advocate Shrikrushna Tambde

Nagpur |

Area of Practice

  • Bankruptcy And Debt
  • Civil
  • Contracts And Agreements
  • Debt And Lending Agreement
  • Domestic Violence
Advocate Kalpana Sanap Best Bankruptcy and debt Lawyer

Advocate Kalpana Sanap

Pune |

Area of Practice

  • Bankruptcy and Debt
  • Commercial
  • Corporate and Incorporation
  • Divorce
  • Banking
Total Answers Given : 15 View All Answers
Advocate Karunasish Chakraborty Best Bankruptcy and debt Lawyer

Advocate Karunasish Chakraborty

Kolkata |

Area of Practice

  • Bankruptcy And Debt
  • Consumer Protection
  • Property
  • Adoption
  • Administrative Law
Advocate Meenakshi Periyahkaruppan Best Bankruptcy and debt Lawyer

Advocate Meenakshi Periyahkaruppan

Chennai |

Area of Practice

  • Bankruptcy and Debt
  • Civil
  • Power of Attorney
  • Consumer Protection
  • Debt and Lending Agreement
Total Answers Given : 338 View All Answers
Advocate Advocate Rajagopal Sripathi Best Bankruptcy and debt Lawyer

Advocate Rajagopal Sripathi

Hyderabad |

Area of Practice

  • Bankruptcy and Debt
  • Contracts and Agreements
  • Criminal
  • Mergers and Acquisition
  • Documentation
Total Answers Given : 69 View All Answers
Advocate Munish Goyal Best Bankruptcy and debt Lawyer

Advocate Munish Kumar Goyal

Ludhiana |

Area of Practice

  • Bankruptcy and Debt
  • Civil
  • Divorce
  • Administrative Law
  • Child Custody
Total Answers Given : 85 View All Answers
Advocate Paresh Modi Best Bankruptcy and debt Lawyer

Advocate Paresh M Modi

Ahmedabad |

Area of Practice

  • Bankruptcy And Debt
  • Criminal
  • Contracts And Agreements
  • Trust And Society (NGO)
  • Power Of Attorney
Advocate Advocate Sofiya Mansoor Best Bankruptcy and debt Lawyer

Advocate Sofiya Mansoor

Bangalore |

Area of Practice

  • Bankruptcy And Debt
  • Divorce
  • Contracts And Agreements
  • Licensing
  • Animal Laws
Total Answers Given : 8 View All Answers