The Insolvency And Bankruptcy Professional Services
The Insolvency and Bankruptcy Code passed by the Parliament in the month of May 2016 is notified and in operation from November 2016.
The Code creates a new institutional framework, consisting of a regulator, insolvency professionals, information utilities and adjudicatory mechanisms, that will facilitate a formal and time bound insolvency resolution process and liquidation.
Jain & Partners (J&P) has associated with Tarun Jain & Associates (TJA) for dealing in the matters related to insolvency and bankruptcy. Mr. Tarun Jain, the Founder of TJA, has been registered as an Insolvency Professional and Liquidator with the Insolvency and Bankruptcy Board of India under the regulation 5 of Insolvency and Bankruptcy Code. He is one amongst the first few professionals registered with the Board. He has been involved in constant endeavor to improve TJAâ€™s efficiency in the newly enacted Code.
Welcome To JAINANDPARTNERS,
JAINANDPARTNERS offers a specialized service in the area of Insolvency & Bankruptcy. We will encompass consultancy accounting services to the Insolvency Professionals (IPs), Insolvency Professional Entities who will be handling the stressed assets as well as Functioning Creditors from Banks, individuals for insolvency-related issues and NBFCs or any other entities.
With the vintage professionals, our professional fulfil duties of Insolvency Professionals as imagined under the Insolvency & Bankruptcy Code, 2016. Our well-known associates include Senior Bankers retired, Industry Experts, Leading Attorneys, Chartered Accountants, Company Secretaries, Cost Accountants, Values, and other Professionals from relevant spheres to add up the value to Corporate Insolvency Resolution & Liquidation Process.
With the emergence of Insolvency and Bankruptcy Code, 2016, there is a marvelous change in the bankruptcy and insolvency services in India. The process which took too long to conclude on insolvency and bankruptcy, are now simplified and advanced, guaranteeing fair consultations between Debtor and Creditor by removing the irregularity of debt and evasion information, with the support of institutional infrastructure linking:-
- The Regulator-The Insolvency and Bankruptcy Board of India
- The Adjudicating Authorities-Debt Recovery Tribunal and National Company Law Tribunal
- Insolvency Professionals regulate and manage the assets of the debtor and safeguard that they are secure while negotiations take place.
- Insolvency Professional Agencies confess the Insolvency Professionals as the Members and confirm such Members’ Code of Conduct.
What is Insolvency & Bankruptcy Code, 2016?
Passed by the Parliament, The Insolvency and Bankruptcy Codeis a welcome overhaul of the existing framework allocating with insolvency of Corporates, Partnerships, Individuals and other entities. It overlays the path for much-needed reforms while aiming at creditor obsessed insolvency resolution.
Government of India presented the Insolvency and Bankruptcy Code Bill in November 2015. After the recommendations from a joint committee of Parliament and public consultation process, both houses of Parliament finally passed the Insolvency and Bankruptcy Code in 2016
The IBC propose a uniform and comprehensive insolvency legislation encircling all companies, partnerships and individuals. The Government is offering a separate framework for bankruptcy resolution in financial and bank sector entities.
The Code has created a new institutional framework, consisting of a regulator, Information Utilities, Insolvency Professionals and Adjudicatory Authorities which facilitates a formal and time-bound insolvency resolution process. The Code also has necessities to address cross border insolvency through reciprocal arrangements and bilateral agreements with other countries.
Services offered by Jainandpartners under this segment include:-
We as a leading consultancy firm, with our expert team, offers our clients with the Insolvency and Bankruptcy professional services. We are always there to help our creditor, the enlisted below are some of the services offered by jainandpartners under Insolvency and Bankruptcy.
- Consultancy on Insolvency and Bankruptcy to Debtors by the expert
- Protagonist and duties as Interim Resolution Professional:
- Manage the Corporate Affairs of the Debtor.
- Determine the Financial status of the Debtor.
- Tutoring financial institutions.
- Executing receipts, Deeds and other important documents of Debtor.
- Execution and the modification of the contracts where required.
- Retrieving electronic Records with useful Information
- Obtain and collate all the claims.
- The makeup of Committee of Creditors and accompanying its Meetings.
- Monitoring the important assets of the Debtor such as Control and Custody of assets with ownership rights.
- Collect the file information with Information Utility, wherever required.
- Raise temporary finance with the endorsement of the Committee of Creditors.
- Determine the Voting share of the Creditors.
- Groundwork of Information Memo.
- Obtain the approval from the Committee of Creditors for actions.
- Analysis of Resolution Plan and obtain the endorsement of the Committee of Creditors.
- Obedience of Resolution Plan to Adjudicating Authority.
- Synchronization with the Insolvency and Bankruptcy Board of India.
- Backing in the extension of the period of Corporate Insolvency Process yonder 180 days.
- Liquidator Services.
- Fast Track Corporate Insolvency & bankruptcy services.
- Demonstrating the Creditor in the meeting of the Committee of Creditors, where such Creditors are the member.