Lengthy procedures to deal with insolvency issues are a thing of the past in India now. Most of the economists of the world will remember the last few years of the Indian economy for the implementation of GST; because it changed the way we do business. However, an average insolvency professional in India will also remember the same span of time for a different reason. They will look at it as an era of reform because of the amendments made in the IBC (RBI’s Indian insolvency and bankruptcy code). An insolvency professional working with RESURGENT INDIA is upbeat with the new reforms that have been made in the IBC. Our internal research of the performance of an average insolvency professional working with us gives us an idea that, after the arrival of the amendments in the year 2016, things have changed drastically. Now, while working as an insolvency professional, a person can focus more on the core issues associated with the insolvency rather than the tangent issues like implementation of the complicated timelines and paper works to prove non-entitlement, etc.
While working in the capacity of insolvency professionals, our experts identified real estate as the crunch area where they entertained a maximum number of applications IBC amendments supported this industry sector in many ways. Almost one and half-decade ago, most of the investors in the sector of the real estate were hailing from the unorganized sector of the industry. When the prices of the real estate shot up, they introduced the elements of the organized sector in their business; however, they left some loop-holes in their structuring, because at that point in time, they were unaware of the fact that insolvency may hit them. After a crash in the market, these firms lost their track and went for mergers with the organized sector; this was the time when they were in a need to keep their books clean. Neat clean disposal of an insolvency application was a primary condition for them. The experts working in our Resurgent India house picked up the right sentiments of the IBC amendments and formulated some paperwork to ease out the process. Most of these documents have become a template generated by us. It also means that, if you are hiring us for handling your insolvency applications, then we can bring down a fair deal of trial and error in the process by applying a template derived by our experts.
The findings of our internal research also give us an idea that the sentiments of the change in the structure of the IBC are very friendly for the SMEs and other businesses. This is why, if you wish to clean your books and start it fresh with no burdens from the past, then we have some solutions ready for you.