The Insolvency and Bankruptcy code (IBC) is considered the biggest economic reform next only to GST which consolidates and amends the laws relating to reorganization and insolvency resolution of corporate persons, partnership firms and individuals in a time bound manner.
The Insolvency and Bankruptcy Code, 2016 (IBC) was passed by the Parliament on 11 May 2016, received Presidential assent on 28 May 2016 and was notified in the official gazette.
The Insolvency and Bankruptcy code (Provisions of this Code to override other existing laws on matters pertaining to Insolvency and Bankruptcy).
The course presents the in-details concept and procedure of the insolvency and liquidation process.
More About IBC.
The new regime of the Insolvency and Bankruptcy code has begun in India since the enactment of new law. The NCLT now has been bestowed with extreme powers as in the case of US laws.
In ancient Greece and Rome there have been many evidences in which loan and repayment of seeds were involved between peasants and the landlords. If the debt was not re-paid by the debtor for 30 days then the debtor was enslaved by the creditor and if the debt was not repaid within the period 0f 60 days the debtor was entitled to death or to be sold as a slave to cover the debts. In England and the United States the indebtedness was between landlord’s and tenants, and they had the power to seize their property until the repayment of debt. Another kind of indebtedness that existed was that of merchant trading when a recovery law was introduced which was known as the Law Merchant. In 1800 a Federal Bankruptcy Act was followed by United Kingdom in which only merchants were made bankrupt and only a creditor had the authority to commence it.
Corporate rescue has been defined as a major intervention necessary to avert the eventual failure of the company and the revival of companies on the brink of economic collapse and the salvage of economically viable units to restore production capacity, employment and the continued rewarding of capital and investment. Therefore, the company has to enter in some form of shelter regime so that it can be saved or some alternative reorganization plans that can be considered and a rescue for the company can be done.
In the UK there are following procedures which a company can adopt during insolvency. First is by way of voluntary agreement between the creditors and that they can acquire less of the repayment and company goes into liquidation. The other procedure is under the Enterprise Act 2002 in which company goes under the administration procedure and an administrator is appointed to look into the affairs of the company and investigate as to the reasons of insolvency and what kind of rescue can be performed so that minimal harm is done to the creditors. This way of Moratorium is used generally.
In Australia Corporate Insolvency is covered under the Corporations Act 2001where a company can be put to voluntary administration or they can liquidate through court proceedings by the will of the creditors.
In Switzerland a debtor can file a request of moratorium under the Debt Enforcement and Recovery Act which prohibits a creditor to initiate any legal proceedings under the act.
What procedures are followed in India and how can you save your company, corporate client etc. from being insolvent in the days of crisis when generally company faces a cash crunch.
However, if a company is not paying the dues back to your clients, NCLT is the best way to choose and get your money back. So push an opt in button inside yourself for the course.
WHO CAN TAKE THIS COURSE?
This course would be useful to students and law graduates who are interested in pursuing this area in their professional life. This course can be an add-on to Company Secretaries, Corporate Lawyers etc.
Batch : Enrollment are open for December batch.
Payment Details :
We are offering two levels for this course.
1st : Including models, personal assistance by course instructor.
Price : 2000
Account holder’s Name : Raghvendra Kumar
Account no. 27660110021118
IFSC : UCBA0002766
Branch : MACCAFE, RAJA WALA ROAD, SELAQUI, DEHRADUN.
or, Paytm : 7903775870
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