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INSOLVENCY AND BANKRUPTCY |
Insolvency And Bankruptcy Code (IBC) aims to consolidate the existing legal framework by creating a single law for insolvency & bankruptcy that will provide for resolution for insolvency in a speedy and time bound ( maximum 180 days unless extended by another 90 days by NCLT) manner and balance the interest of all stakeholders.
Due to Single law for insolvency & bankruptcy issues, Companies Act was amended, Sick Industrial Companies (Special Provisions) Act, 1985 (SICA), Presidency Towns Insolvency Act, 1909 , Provincial Insolvency Act, 1920 & Recovery of Debts due to Banks and Financial Institutions Act, 1993 (RDDBFI Act) were repealed.
It provides an effective and time bound solution to the Operational & Financial Creditors in the event of default or non-payment of debt owed to them by the Corporate Debtor.
Operating Creditors have a say by applying to the Adjudicating Authority for their claims amounting to not less than Rs.1.0 lakh only (Rupees one lakh only) owed to them by the Corporate Debtor concerned.
SRI Resolution & Insolvency Advisory LLP, a Limited Liability Partnership consists of a Chartered Accountant and two Company Secretaries with a combined work experience of nearly 90+ years in various fields viz., Corporate Laws, Corporate Finance, BIFR Act, Restructuring of Companies, Creditors Compromise etc. |
| The Partners of SRI Resolution & Insolvency Advisory LLP are : |
(1) Mr. Shanker Subramanian B.Com.,FCA., who is In Practice for over 35 years as a Partner in M/s Shanker Giri & Prabhakar, Chartered Accountants, with extensive experience in various corporate sectors including Dealing with BIFR Act for over 20 year. He has drafted Restructuring Plans & Piloted through Financial Institutions & Banks Appeared before BIFR & presented corporate restructuring proposals for approval. He has drafted Creditors Compromises, presented the same to Creditors, obtained approval & built the same into Restructuring / Rehabilitation Plans.
(2) Mr. T.R.Ravichandran , B.Sc, FCS of TRR& Associates who is also a Resolution Professional with an experience of 32 years in Company Law, Corporate Finance and five years of experience as Practicing Company Secretary. He has dealt with BIFR Act extensively as well as Restructuring of Finance for Corporate Clients.
(3) Ms.Satyadevi Alamuri , B.Sc, FCS, Resolution Professional, a Whole-time Practicing Company Secretary from 1995 onwards She has completed assignments in IBC code already and continues to handle IBC assignments.
Our Firm is already Registered with IBBI and NCLT.
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| a ) DETAILS OF EMPANELMENT |
Our Firm is already empanelled with:
- State Bank of India
- Oriental Bank of Commerce
- Bank of Baroda
- Indian Overseas Bank
We await empanelment from Other Nationalized / Private Sector Banks also.
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| b ) Services offered |
- Consultancy Services on Insolvency and Bankruptcy assignments on behalf of Creditors (Both Operational & Financial) and Corporate Debtors.
- SRI Resolution & Insolvency Advisory LLP has strength of people with experience and good infrastructure to handle IBC cases.
- All activities as Interim Resolution Professional and Resolution Professional.
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