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InsolvEncy

India's ranking in the World Bank Ease of Doing Business Index improved by another 14 places to 63 in 2019 thanks to a sharp improvement in its ranking in resolving insolvency, one of the seven indicators used to build the index.

In resolving insolvency, India's ranking jumped from 108 in 2018 to 52 in 2019. The credit for this goes to the Insolvency and Bankruptcy Code (IBC), which came into force in 2016.

Between 2016 to 2019, 21,000 cases were referred to the National Company Law Tribunal (NCLT), the adjudicating authority under the IBC. Out of 21,000 cases, 10,000 have been settled -- 8,500 cases settled prior to admission and 1,500 cases were settled through resolution or liquidation. The rest of the cases are at different stages of insolvency.

Before IBC, the recovery (of debt) rate was around 26% and the time taken for closure of the case was over four years. IBC has changed this. Now the average recovery rate is 43% in case of financial creditors and 49% in case of operational creditors. The time average time taken under IBC is 1.6 years compared to 4.3 years earlier. In the earlier resolution regime, the cost of the resolution was 9%, which has come down to 1% post IBC.

ValueSolve â€“ as service provider in Insolvency Practice segment caters to all stakeholders involved in Corporate Insolvency Resolution Process. Be it Financial Creditor or Operational Creditor or Corporate Debtor or for that matter a prospective Resolution Applicant who wants to submit a resolution plan we endeavour to serve in the best interest of our client.

We are providing insolvency services to the professionals & companies

Resolution Professionals

To carry on the operations of the Borrower / Corporate Debtor as a running unit
To manage the affairs of the Borrower / Corporate Debtor
To verify the Resolution Plan as this is a major task for Insolvency Professionals in India
To call and conduct meetings of creditors, as and when necessary
To call and conduct meetings of creditors to approve Resolution Plan
To Submit Resolution plan approved by Committee of creditors to NCLT
To carry on such other activities as may be ordered by the NCLT or required for smooth conduct of the resolution process
All matters incidental to carrying on the activities as Resolution Professional

Support to Resolution Professionals

We provide secretarial and legal assistance with work related to resolution professionals. This Services includes,

We are consulting on legal issues related with insolvency and bankruptcy resolution process, financial restructuring and statutory compliance and also and to undertake cases with NCLT benches. All the needs of the client with regard to making an application with NCLT/ NCLAT are taken care of.
Formulating / drafting agenda for the meeting of committee of creditors. The agenda is prepared by our team of experts as per IBC 2016.
Preparation and selling of the notice of meeting by appropriate means. We Prepare the notice as per the guidelines of the insolvency and bankruptcy board of India Regulations (Insolvancy Resolution Process for Corporate Persons), 2016

As a Liquidator

To arrange publication of Public Announcement
To appoint Registered valuers, Accounting, Legal and other Professionals
To verify the claims of creditors and finalize list of creditors/contributories
To prepare Statement of Affairs
To conduct disposal of assets and distribute the proceeds amongst creditors / contributories
Submit periodical reports to NCLT on progress of liquidation proceedings
Submit final report to NCLT and arrange dissolution of the corporate entity
To carry on such other activities as may be ordered by the NCLT or required for smooth conduct of the Liquidation proceedings
All matters incidental to carrying on the activities as Liquidator

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