INSOLVENCY & BANKRUPTCY CODE

About the Code:

An Act to consolidate and amend the laws relating to reorganisation and insolvency resolution of corporate persons, partnership firms and individuals in a time bound manner for maximisation of value of assets of such persons, to promote entrepreneurship, availability of credit and balance the interests of all the stakeholders including alteration in the order of priority of payment of Government dues. The intention of the code is to revive a company though a resolution process and if not succeeded then liquidation process.

Our Offerings:

On appointment of IRP, our role includes :

  1. Making Public Announcement of Corporate Insolvency Resolution Process

  2. Collect and collate the claims from the creditors viz. financial, operational, workmen and employees and others

  3. Formation of Committee of Creditors (CoC)

  4. Issue of notice and conducting First meeting of CoC

  5. Any other act as required as per the provisions of IBC, 2016

On appointment of RP, our role includes:

  1. Appointment of Valuer for determination of fair value and liquidation value of the corporate debtor

  2. Preparation of Information memorandum

  3. Inviting resolution applicants for putting forward resolution plan along with the evaluation matrix

  4. Conducting meetings of CoC as and when required for various approval as per provisions of the code

  5. To examine each resolution plan submitted by Applicant, with regard to all aspects, as laid down in IBC, 2016 including its implementation and supervision

  6. Filing and defending of any Applications which may be filed by the company or against the company with NCLT/ NCLAT

  7. To present the resolution plan to CoC for their approval, submit the resolution plan to Adjudicating Authority

  8. Any other act as required as per the provisions of IBC, 2016 to implement the resolution plan as approved by the Adjudicating Authority.

On appointment of Liquidator, our role includes:

  1. Making Public Announcement of liquidation of corporate debtor

  2. Collect and collate the claims from the creditors

  3. To take custody and control of all the assets of the corporate debtor and creation of liquidation estate

  4. To sell the immovable and movable property and actionable claims of the corporate debtor by public auction or private contract and prepare an asset sale report with progress report.

  5. To obtain any professional assistance from any person or appoint any professional, in discharge of his duties, obligations and responsibilities

  6. To distribute proceeds in accordance with the provisions of this Insolvency and Bankruptcy Code 2016

  7. To institute or defend any suit, prosecution or other legal proceedings, in the name of or on behalf of the corporate debtor

  8. To apply to the AA for such orders or directions as may be necessary for the liquidation of the corporate debtor.

  9. To perform such other functions as may be specified by the Insolvency and Bankruptcy Board of India.

  1. Assistance in necessary compliance under IBC, 2016 for initiating Voluntary Liquidation

  2. Making Public Announcement of voluntary liquidation

  3. Collect and collate the claims from the creditors viz. financial, operational, workmen and employees or any others.

  4. Preparation of list of stakeholders

  5. Distribution of Assets to various stakeholders as per the provisions of IBC, 2016

  6. Preparation of Distribution list based on the asset distributed

  7. Issue of various reports under the IBC, 2016 such as Preliminary report, Status report and Final report.

  8. Making an application to NCLT for dissolution.

  9. Filing of dissolution order with ROC
  10. Any other act as required as per the provisions of IBC, 2016

  1. Filing of application under IBC by

    • Financial Creditors
    • Operational Creditors
    • Corporate Applicant
  2. Assistance in Issue of Demand notice (in case of Operational Creditor)

  3. Services to Resolution Applicant

    • Submission of expression of interest to concerned Resolution Professional.
    • Preparation of Resolution Plan in accordance with IBC,2016
    • Presentation of the Resolution plan to Resolution Professional and COC and negotiations with them
    • Arrangement of funds for the Resolution Applicant for financing the Resolution Plan
  4. Representing Financial creditor in meeting of COC

  5. Authorised Representative for Class of Creditor

Successful transaction management requires careful planning at every step of the way. We at HU Consultancy can accurately assess your situation and help you to put a strategy in place for success.

You can also read some Case Studies on Mergers and Acquisitions here.

To discuss how our team can help your business achieve true results, please Contact us

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It has been our absolute pleasure to utilize the solutions of hu Consultancy and its fine team of professionals. We are indeed fortunate to have been introduced to hu and its team. We look forward to many years of our association with hu consultancy in the near and far future.
Managing Director, Weikfield foods Pvt. Ltd.
We are happy with the services rendered by hu Consultancy in connection with the ongoing assignment on KOEL demerger given to hu. We are happy to associate with hu Consultancy. We appreciate the Professional support given by you and the high degree of service orientation displayed by your team.
C.E.O, Kirloskar Oil Engines Ltd.
We are happy with the holistic and overall approach taken by hu Consultancy on our project in the most tax efficient manner.  The procedural aspect of our project, which involves various steps were all carried out in professional manner, with little inconvenience to ourselves. We look forward to a continuing association with hu in times to come.
Managing Director, Weikfield Products Corporation LLP