413, VIkasdeep Building, Laxmi Nagar District Centre, Delhi-110092
+919582101001 shashank@dda-co.com

Insolvency and Bankruptcy Services

Insolvency and Bankruptcy Services

Introduced by the Government in 2015, the Insolvency and Bankruptcy Code came into effect in 2016 after both houses of parliament passed the said law. It is an effort to create a unified framework to resolve insolvency in India. The code seeks to bring semblance to an otherwise unstructured process and ensure that all re-organisation and insolvency resolutions of corporate persons, partnership firms and individuals is conducted in a time bound manner for maximisation of value of assets of such persons.

In the case a debtor is unable to pay his debt and also fulfills the condition specified in the sub-section, a creditor or a debtor will be entitled to make an application for fresh start. The fresh start process is as per Section 80 of IBC.

For small individuals, an application will be filed in the DRT for initiation of Fresh Start Process. Following the application, an interim-moratorium will begin on the date of filing in respect to all the debts. The IRP will be appointed and will begin the investigation. After investigation, the resolution professional will investigate and prepare a final list of all qualifying debts within 180 days from the date of application.

On the expiry of this period, the Adjudicating Authority will pass an order on discharging of the debtor from the qualifying debts and accord an opportunity to the debtor to start afresh, financially.

Following services are provided by Team DDA

A. For Corporate Debtors (To whom money is receivable) 

  • Exploring the possibility of action under Insolvency Law against Corporate Debtors
  • Drafting of Notice
  • Drafting of application for Insolvency to NCLT
  • Representing Corporate Creditor in NCLT hearing
  • To provide all kind of legal and professional support

B. For Corporate Creditors (Who is liable to pay money)

  • Advisory on voluntary insolvency process.
  • Advisory on notices/claim received under Insolvency law.
  • Advisory on the preparation of the resolution plan.

C. For Insolvency Professionals/ Insolvency Resolution Professionals (IPs/IRPs)

  • Assisting in Preparation of Information Memorandum
  • Vetting of resolution plans
  • Bid Evaluation
  • Forensic Audit
  • Transactional Audit
  • Valuation of Shares and Securities
  • Assisting in financial accounts completion, auditing and allied services