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To face the complexities of insolvency procedures and streamline the process, the development of technology such as artificial intelligence (AI), blockchain technology, and data analytics plays a crucial role. The role of technology in streamlining insolvency processes has expedited case handling, ensured transparency of legal and financial information, and improved data accuracy throughout the insolvency […]
Personal guarantees are generally used in small or micro businesses or those with inadequate credit history. The Insolvency and Bankruptcy Code of 2016 provides a mechanism for creditors to recover the corporate debtor’s debts, even if the corporate debtor defaults on doing so, by having the corporate debtor have a personal guarantor. Personal Guarantor under […]
Registered valuers individuals with specific qualifications who play an important role for accurately providing valuation of the corporate debtor’s assets during the resolution process. Insolvency professionals rely on the valuation of the registered valuers to make more informed decisions throughout the insolvency processes. Who is a registered valuer? A registered valuer is defined under Regulation […]
The success of the insolvency proceedings depends on the information submitted by the corporate debtor. By not providing updated and accurate information, the insolvency process may impede and comprise the valuation of the corporate debtor’s assets. Traditionally this has been done through a paper process, but due to the increase in technology, Information Utilities under […]
Insolvency and Bankruptcy Code, 2016 incorporates personal insolvency processes for resolving the financial distress of individual debtors in a structured and time-bound resolution. The most common form of personal insolvency under IBC is bankruptcy, however this is not ideal for any individual as debtors are working towards reviving, restructuring, or rehabilitating themselves. Understanding Personal Insolvency […]
The offences and penalties are listed under Chapter VII of the Insolvency and Bankruptcy Code, 2016. The inclusion of offences and penalties in the Code are important for preventing fraud, misconduct, and ensuring that there is strict adherence to the Insolvency and Bankruptcy Code, 2016. Offences and Penalties under IBC committed by the officer of […]
The National Company Law Tribunal (NCLT) and the National Company Law Appellate Tribunal (NCLAT) are governed by the Companies Act, 2013, the Insolvency and Bankruptcy Code, 2016, and the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. Both are pivotal in insolvency resolution and the liquidation process of corporate […]
To have a better understanding of cross-border insolvency law, it is important to compare the insolvency laws of other countries with those of India and examine current legislation on cross-border insolvency. International insolvency laws affect local practices, especially for financially distressed companies with assets outside India’s jurisdiction, as the current IBC and relevant regulations provide […]
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