The Insolvency and Bankruptcy Code, 2016 (IBC) came into force on 05May 2016 with an aim to consolidate the existing framework by creating a single law for insolvency and bankruptcy. The Code incorporates separate insolvency resolution processes for individuals, companies and partnership firms.
The Insolvency and Bankruptcy Code, 2016 (IBC) offers finite time limit with the objective of speedy resolution of cases by an insolvency professional appointed by NCLT. It aimed to repeal the following Acts or Schemes earlier introduced by the RBI or GoI:
Recovery of Debt dues to Bank and Financial Institutes Act (DRTs)
Corporate Debt Restructuring Cell (CDR)
SARFAESI Act – ARCs
Flexible Structuring of long Terms Loan (5:25)
Strategic Debt Restructuring (SDR)
Scheme of Sustainable Structuring of Stressed Assets (S4A)
The new code was designed to streamline corporate insolvency resolution process, which among other things, prevents value destruction if there is corporate distress. The resolution process is a representative action for the general body of creditors and not for the recovery of money of an individual creditor. The IBC has been in focus given the respite it promises to various stakeholders and its ability to expeditiously resolve large amounts of NPA and debt
About Resurgent Resolution LLP
Resurgent India has started the journey of imparting support services for execution of Insolvency Resolution Services under one roof with association of various multi dimensional field experienced Insolvency Resolution Professionals to smoothened the process of Corporate Insolvency Resolution Process (CIRP) which includes as under:
Resurgent Resolution LLP boasts of a team of 11 partners, including 9 Insolvency Professionals supported by a team of well qualified staff including Chartered Accountants, Company Secretaries, Lawyers and MBAs with experience in a diverse range of fields and sectors.
End to End Process Handling of Corporate Insolvency Resolution Process (CIRP) starting from admission of application to NCLT to implementation of Committee of Creditors (COC) approved Resolution Plan or completion of liquidation process by Insolvency Resolution Professional through its associated IP(s) and in place infrastructure of Resurgent India.
To act as Interim Resolution Professional to impart services viz. Public announcement for initiating of CIRP process, to collect and analyze financial information of the corporate debtor, to collate all the claim of the creditors of the corporate debtor, convene and conduct meeting of committee of creditors (COC), safeguard the economic value of the assets of the corporate debtor etc.
Support services/Advisory services in the field of legal, determination of liquidation value, determination of fixed assets valuation, assist in raising interim finance, preparation of Information memorandum, preparation of resolution plan along with financial model, Analysis of financial statements of the corporate debtor, drafting of secretarial papers etc.
Team of senior exbankers with decades of experience in Banking Industry who bring value for the company.
Team of Insolvency Professional who has multidimensional experience of more than 20+ years in their respective fields
Team of 100+ professionals comprising of CA, CS, ICWA, MBA, engineers having Industry Specific technical experts with vast experience and knowledge having 5 offices in all major cities in India and overseas office and Dubai.
Support System from Saraf & Chandra, A Chartered Accountant Firm having PAN India presence
Track record of hands on experience on Debt Syndication, TEV Study, Training to Banker’s, Private Equity, Merger & Acquisition, Government Advisory and Company Valuation since last more than a decade.
PAN India Presence with State of Art Offices with adequate Meeting Space, Video Conferencing Facility, E voting Facility and Secretarial Work Handling Facilities