Insolvency and Bankruptcy Code Law Service

The best law firm in Tamil Nadu to file a bankruptcy petition in NCLT is Adhavan Legal Associates. Being the Best Insolvency and Bankruptcy Code Lawyers we offer your the best solutions in all possible aspects.
Many companies face huge losses due to bad debts. To overcome such situations, Adhavan Legal Associates provides skilled advocates who assist in filing Insolvency Petitions before the NCLT, ensuring proper legal remedies and protection for your business.
With the support of our experienced legal team, you can recover money from bad debts within approximately 6 months after filing a case before the National Company Law Tribunal (NCLT).
The IBC proposes following steps and procedure to resolve insolvency:
Under the Insolvency and Bankruptcy Code (IBC), creditors are required to report the financial details of the debt, including the record of debt, defaults, and liabilities.
The resolution process under the IBC can be initiated by either the debtor or the creditor when a default occurs, with the aim of managing the debtor’s assets effectively. Professionals provide the debtor’s financial information from information utilities to the creditors and oversee the management of the debtor’s assets throughout the resolution process.
The resolution process is initiated for a period of 180 days, during which no legal action can be taken against the debtor, allowing for a structured and uninterrupted resolution of financial obligations.
In the resolution process, proceedings for companies are adjudicated by the National Company Law Tribunal (NCLT), while for individuals, the Debt Recovery Tribunal (DRT) serves as the adjudicating authority.
The primary duties of the adjudicating authorities include appointing an insolvency professional and approving the final decisions of creditors, which are essential steps to initiate the legal resolution process.
An insolvency professional administers the liquidation process. If the debtor enters liquidation, the proceeds from the sale of the debtor’s assets are distributed according to the following order of precedence:
i) insolvency resolution costs, including the remuneration to the insolvency professional,
ii) secured creditors, whose loans are backed by collateral, dues to workers, other employees,
iii) unsecured creditors,
iv) dues to government,
v) priority shareholders and
vi) equity shareholders
The Insolvency and Bankruptcy Code (IBC) establishes a clear order of priority for distributing assets during the liquidation process.
We serve the needs of our clients across all areas of criminal litigation and provide strong legal representation whenever required.

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Our firm’s vision is to provide effective legal solutions to our clients by appointing a skilled lawyer to handle each issue with dedication and professionalism.