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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 : Bankruptcy Lawyers

Consult Expert Bankruptcy Lawyers in India. If you are searching for Bankruptcy Lawyers, then your searches will end here.

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Advocate Anik

Bangalore |

Area of Practice

  • Bankruptcy and Debt
  • Consumer Protection
  • Admiralty and Maritime
  • Arbitration and Mediation
  • Child Custody
Total Answers Given : 9970
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Anish Palkar

Mumbai | Thane | Mumbai suburban |

Area of Practice

  • Bankruptcy and Debt
  • Banking
  • Child Custody
  • Debt and Lending Agreement
  • Landlord and Tenant
Total Answers Given : 825
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Prabhakara S K Shetty

Bangalore |

Area of Practice

  • Bankruptcy And Debt
  • Property
  • Family
  • Muslim Laws
  • Adoption
Total Answers Given : 663
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Yusuf Shabbir Mithi

Mumbai suburban | Thane | Mumbai |

Area of Practice

  • Bankruptcy And Debt
  • Civil
  • Intellectual Property, Copyright, Patent, Trademar
  • Child Custody
  • Criminal
Total Answers Given : 14
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Girraj Prasad

Jaipur |

Area of Practice

  • Bankruptcy And Debt
  • Consumer Protection
  • Domestic Violence
  • Cheque Bounce
  • Civil
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Sandip Bhowmick

Kolkata |

Area of Practice

  • Bankruptcy And Debt
  • Documentation
  • Civil
  • Divorce
  • Media, Communication, Entertainment
Total Answers Given : 21
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Anand Shukla Legal Practitioner,Legal Consultant & Advisor

Delhi |

Area of Practice

  • Bankruptcy And Debt
  • Employment And Labour
  • Power Of Attorney
  • Contracts And Agreements
  • Civil
Total Answers Given : 68
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Precinct Legal

Bangalore |

Area of Practice

  • Bankruptcy and Debt
  • Cheque Bounce
  • Consumer Protection
  • Civil
  • Intellectual Property, Copyright, Patent, Trademar
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AR Legal Firm

Bangalore |

Area of Practice

  • Bankruptcy and Debt
  • Divorce
  • Debt And Lending Agreement
  • Work Permits
  • Contracts and Agreements
Total Answers Given : 14
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Ritesh Tomar

Chandigarh |

Area of Practice

  • Bankruptcy And Debt
  • Criminal
  • Employment And Labour
  • Anticipatory Bail

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