Insolvency Services

We have assisted various companies resolve or settle claims in cases where revival of sick units is possible.

Insolvency is the state of being not able to give the money owed, by an individual or company, on time. An insolvency professional is the one who is enrolled with the Insolvency and Bankruptcy Board of India (IBBI). They are registered with an insolvency agency and they are included in the dissolution method of an insolvent person, firms, partnerships, or LLPs. These experts are allowed to act on account of such insolvent individuals, organisations, etc. During the bankruptcy condition, insolvency professionals execute an important role in liquidating insolvency professional entity regulations, assets and additional settlement methods. This method has earned momentum with the government taking in strict standards and measures through the insolvency and bankruptcy code.

Eligibility Criteria for Insolvency Professional

The following are some of the basic requirements/insolvency professional eligibility for becoming an insolvency professional:

The insolvency professional member should be a major, that is above 18 years.
The insolvency professional must be a citizen of India.
Further, the insolvency professional should not be convicted by any court for a crime punishable with custody or imprisonment for a term more than six months. Similarly, it must not be an offence including moral turpitude.
Any character who has been convicted or sentenced to imprisonment for seven years or more is an offence and is not qualified to be enrolled as an Insolvency Professional.
Moreover, the insolvency professional must not hold an undischarged bankrupt or has employed to be settled as an insolvent.
The insolvency professional must be of a healthy mind with fitness and a decent person. To decide if a person is proper and fit, the following criteria are analysed:
Honesty, trustworthiness, and quality
Lack of opinions and restraint systems
Support, including economic solvency and net worth.