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IBC 2016
Insolvency and Bankruptcy Code matters, resolution plans
What is IBC 2016?
📌 Overview
Insolvency and Bankruptcy Code, 2016 (IBC) is a comprehensive law for insolvency resolution of corporate persons, partnership firms, and individuals. HLAPL provides expert advisory and representation under IBC.
✅ Key Aspects
Corporate insolvency resolution process (CIRP), Resolution plan submission and approval, Liquidation process, Cross-border insolvency, Insolvency for individuals and partnership firms, Pre-packaged insolvency for MSMEs.
⚖️ Legal Framework
Governed by Insolvency and Bankruptcy Code, 2016 (IBC). Time-bound process: CIRP completed within 330 days. HLAPL ensures compliance with timelines.
Important FAQs
❓ What is the minimum default amount for IBC?
₹1 crore for corporate debtors (reduced from ₹1 lakh). HLAPL advises on threshold applicability.
❓ What is pre-packaged insolvency?
Pre-pack is fast-track CIRP for MSMEs where resolution plan is prepared before application. HLAPL assists MSMEs in pre-pack process.
❓ Can operational creditors file IBC application?
Yes, operational creditors can file after serving demand notice. HLAPL handles operational creditor applications.