Borrowers

Are you a firm or an individual who has availed loans and are finding it difficult to repay? Our team has helped multiple clients over the years to emerge out of situations of financial distress. Get in touch with our team of licensed Insolvency Professionals to learn how we can help.

Borrowers
Conditions
We can help you out to file insolvency petition if you fulfil any of the following three

Debts amount to more than Rs.500

The individual is under arrest or imprisonment in the execution of a money decree

There is a subsisting order of attachment against his/her property in execution of such decree

PC
Pradeep Kumar Chauhan
Insolvency Professional
Finance & Accounts, Auditing, Financial Management, Planning & Budgeting, Direct and Indirect Taxation
Location Mark
Mumbai
Briefcase icon
Debt Resolutiion
Down
11 Engagements
AS
Austine Sequeira
Insolvency Professional
Project Advisory and Financial Syndication Services and Corporate Finance.
Location Mark
Mumbai
Briefcase icon
Debt Resolutiion
Down
11 Engagements
HS
Hemant Kumar Shah
Insolvency Professional
Manufacturing, IT, Power/Utilities
Location Mark
Mumbai
Briefcase icon
Debt Resolutiion
Down
11 Engagements
VK
Vijay Kumar Kulshretra
Insolvency Professional
Financial recoveries
Location Mark
Mumbai
Briefcase icon
Debt Resolutiion
Down
11 Engagements
MV
Murali. V
Insolvency Professional
Accounting, Auditing, Taxation and Management Consulting.
Location Mark
Mumbai
Briefcase icon
Debt Resolutiion
Down
11 Engagements
IK
Ishwar Kalantri
Insolvency Professional
Banks and Financial institutions.
Location Mark
Mumbai
Briefcase icon
Debt Resolutiion
Down
11 Engagements
PS
Pawan Shetty
Insolvency Professional
Audit, Taxation, Accounting, Consulting and Assessments.
Location Mark
Mumbai
Briefcase icon
Debt Resolutiion
Down
11 Engagements
AP
Arun Poddar
Insolvency Professional
Manufacturing, Real estate, Beverages, Automotive.
Location Mark
Mumbai
Briefcase icon
Debt Resolutiion
Down
11 Engagements
MG
MK Gaind
Insolvency Professional
Real estate
Location Mark
Mumbai
Briefcase icon
Debt Resolutiion
Down
11 Engagements
RA
Rajendra Aphale
Insolvency Professional
Project reports & program management, Compensation management, Independent arbitrator.
Location Mark
Mumbai
Briefcase icon
Debt Resolutiion
Down
11 Engagements
NP
N Veera Pandian
Insolvency Professional
Real Estate
Location Mark
Mumbai
Briefcase icon
Debt Resolutiion
Down
11 Engagements
RG
R.K Giridhar
Insolvency Professional
Real Estate, Manufacturing, Trading, Power/Utilities
Location Mark
Mumbai
Briefcase icon
Debt Resolutiion
Down
11 Engagements
VB
Vikram Bhatnagar
Insolvency Professional
Infrastructure, manufacturing
Location Mark
Mumbai
Briefcase icon
Debt Resolutiion
Down
11 Engagements
SM
Subhash Modi
Insolvency Professional
Manufacturing, Real Estate
Location Mark
Mumbai
Briefcase icon
Debt Resolutiion
Down
11 Engagements
AK
Arun Kapoor
Insolvency Professional
Manufacturing, Real Estate, Construction.
Location Mark
Mumbai
Briefcase icon
Debt Resolutiion
Down
11 Engagements

Frequently Asked Questions

When can a borrower file for Insolvency Petition?

A borrower can file an insolvency petition if he/she is unable to pay his/her debts on fulfilment of any of the following three conditions:

1. Debts amount to more than Rs.500

2. The borrower is under arrest or imprisonment in the execution of a money decree

3. There is a subsisting order of attachment against his/her property in execution of such decree

In what circumstances can a borrower continue to carry on business during rescue or insolvency proceedings? In particular, who has the authority to supervise or carry on the debtor's business during the process and what restrictions apply?

The IBC prescribes a creditor-in-control model for companies undergoing corporate insolvency resolution process. However, the business of the company continues as a going concern. On the insolvency commencement date (that is, when the NCLT accepts the application for commencement of corporate insolvency resolution process):

- A moratorium is declared.

- The board of directors is suspended.

- Management of the corporate debtor is handed over to the resolution professional for the duration of the corporate insolvency resolution process. This period is for 180 days, which in exceptional circumstances can be further extended by 90 days, and which should be completed within a maximum period of 330 days. Furthermore, it is now required for the resolution professional to continue to manage the operations of the corporate debtor even after the expiry of this period, until an order approving the resolution plan or appointing liquidation has been passed by the NCLT.However, the corporate debtor can continue to conduct its ordinary course of business during this period, except for payment obligations, which it may be able to avoid temporarily under a stay against commencement or continuation of legal proceedings. The IBC also specifically provides that the supply of essential goods or services to the corporate debtor will not be terminated, suspended, or interrupted during the moratorium period.

Can a corporate debtor undergoing liquidation, file an application for initiation of CIRP on itself?

No

Can a corporate debtor undergoing CIRP file an application for initiating CIRP against its own debtors?

Yes, a corporate debtor undergoing CIRP can do so in terms of section 11 of the Code.

Have more questions? Contact Us