Insolvency and Bankruptcy Code 2016 (‘IBC’ or ‘the Code’) brings about a paradigm shift from a “Debtor in Possession” to a “Creditors in Control” regime, with creditors exercising timely control in the event of a default in the repayment of any debt, including interest.
Under the Code, the key driver of the insolvency resolution process would be insolvency professionals (IPs) who would have a multifaceted role and various responsibilities in the proceedings. Considering the fact that the IBC contains provisions on avoidance transactions, fraudulent or wrongful trading, and protecting business value during the insolvency period, IPs would be expected to unearth and report transactions of questionable nature.
Our team can assist insolvency and resolution professionals (IRPs) to fulfill the statutory obligations and forensic review in accordance with the regulations of the Code.
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