Bankruptcy and Insolvency law
The code provides for a formal appointment procedure of insolvency professionals and this is very important in the management of an effective insolvency resolution process, thereby protecting creditor interest.
Categorization under IBC:​Corporate Insolvency Resolution Process (CIRP): The CIRP plays a critical role in facilitating the insolvency of companies and partnership firms. Individual Insolvency Resolution Process (IIRP): IIRP is aimed at individuals and focuses on issues of personal bankruptcy.​National Company Law Tribunal (NCLT):
As a judiciary ruling and deciding cases regarding bankruptcy, insolvency. National Company Law Appellate Tribunal (NCLAT): NCLAT serves as an appellate bench and appeals against the judgments of NCLT, providing a broad perspective to law.​
As such, when you are waging war against insolvency in India or fighting legal cases centered on bankruptcy and insolvency it is advisable to seek counsel from attorneys who have a background knowledge of IBC amendments debt resolutions strategies as well as creditors rights. As Adhivakta Law Chamber is aware of NCLT proceedings, it can help in knowing the intricacies involved with CIRP and IIRP.
