Insolvency and bankruptcy in India had become one of the biggest challenges for the Indian economy in the last decade especially since the insolvency law in India was ancient and archaic. Recognizing that reforms in the insolvency and bankruptcy regime are critical for improving the business environment and alleviating distressed credit markets, the Government of India introduced the Insolvency and Bankruptcy Code Bill in November 2015, drafted by a specially constituted ‘Bankruptcy Law Reforms Committee’ (BLRC) under the Ministry of Finance. After a public consultation process and recommendations from a joint committee of Parliament, both houses of Parliament passed the Insolvency and Bankruptcy Code, 2016 (“Code/IBC”).
The revised insolvency and bankruptcy law offers a uniform, comprehensive insolvency legislation encompassing all companies, partnerships and individuals (other than financial firms).
From the beginning, Anoop & Co. Since has been consistently appearing for their clients in all Company Law Tribunals and assisting their clients to recover their rightful dues.
Our team has good experience in handling cases in the area of insolvency and bankruptcy. The Office represents Resolution Professionals before several benches of National Company Law Tribunal (‘NCLT’) across the country and NCLAT Principle Bench, with respect to matter in Corporate Insolvency Resolution Process (‘CIRP’) and has also handled cases for and against financial creditors and operational creditors in a time-bound and cost-effective manner.
The firm has also handled various assignments of preparation of Resolution Plans, done legal vetting and prepared 29A Compliances of Resolution Applicants, Compliance Certification and Resolution Plan Vetting along with CIRP Advisory.
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