Recover on Unpaid Dues : Insolvency Consultants in Delhi
Table of Contents
Recover on Unpaid Dues : Insolvency & Bankruptcy Consultants in Delhi
What is NPA :
National Capital New Delhi is the center of power, culture, education, & commerce. Delhi has seen a surge in businesses of all kinds, which has corresponded with India’s economic growth. Many times, despite their best efforts, these businesses are unable to continue operating successfully and become insolvent. They get encumbered by past-due debts and financial obligations, and creditors take legal action against them to retrieve their debts.
The Insolvency and Bankruptcy Code, 2016, is the answer if you or your firm is a debtor or a creditor looking for an effective way to handle your debt troubles. All you have to do is contact a firm that offers bankruptcy consulting services in Delhi.
We offer Recovery Of Debt Services in Delhi:
- Cheque Bounce cases under Section 138 of the Negotiable Instruments Act.
- Summary Suit (Order 37 of the Code of Civil Procedure Code, 1908)
- Application under Section 9 of IBC for initiation of The Corporate Insolvency Resolution Process by Operational Creditor:
- We can initiation of The Corporate Insolvency Resolution Process by Financial Creditor Under Section 7 of IBC
Whether you are a financial or operational creditor, or a debtor, our bankruptcy consultants in Delhi with a wealth of experience will provide you with a suitable solution. We have a stellar reputation for being entirely committed to professional ethics and fairness while remaining cost-effective.
IFCCL is a legal consulting organisation with a proven track record in situations involving insolvency, bankruptcy, and liquidation. Our highly skilled team of Delhi bankruptcy consultants is committed to providing the best possible solutions, advise, and guidance. We realise the dangers of bad debt; it has a negative influence on one’s financial health while also increasing physical and emotional stress.
If you’re looking for a corporate debtor with a debt of more than one lakh rupees, you should contact our bankruptcy consultants in Delhi right once. Our mission is to always strive to understand our customers’ circumstances and needs in order to provide them with reliable, honest, and thorough legal advice.
With over many successful insolvency cases in our portfolio, there’s no doubt that we’ve carved out a place for ourselves in terms of bringing such matters to a successful end in the shortest amount of time.
It is imperative whether you fall in the category of operational creditor, financial or a debtor, our insolvency & bankruptcy consultants in Delhi with tons of experience behind them, will bring satisfactory result. We have an impeccable reputation of being completely dedicated towards professional ethics & fairness along with being cost effective.
What are the eligibility criteria for file recovery of Debt cases can be possible ?
1. Cheque Bounce cases under Section 138 of the Negotiable Instruments Act :
- If a client fails to pay by cheque, the seller can sue them under Section 138 of the Negotiable Instruments Act, 1881.
- A legal notification regarding the bouncing of the cheque is delivered to the consumer under Section 138, and if he does not pay within 30 days, the seller can file a suit against the customer under Section 138 of the NI Act for non-payment of the payment.
2. Summary Suit (Order 37 of the Code of Civil Procedure Code, 1908):
- If a suit on Bills of Exchange, Hundis, or Promissory Notes is filed under Order 37 of the Code of Civil Procedure, 1908, the Creditor must file the Summary Suit in the individual courts having jurisdiction.
- Suits in which the plaintiff attempts to recover merely a debt or liquidated demand in money owed to the respondent, with or without interest, deriving from:
- On the basis of a written contract,
- On an enactment, when the amount sought to be recovered is a fixed amount of money or the debt is not a penalty; or
- In the case of a guarantee, the claim against the principle is limited to a debt or liquidated demand.
3. Application U/s 9 of IBC for initiation of The CIRP by Operational Creditor:
- In case a Financial Creditor initiates a Corporate Insolvency Resolution Process, it must owe the financial obligation, which must be legally assigned to him and transferred. Banks, financial institutions, homebuyers, enterprises, corporate entities, and companies are all considered “financial creditors” (Section 7 of the IBC).
- When a corporate debtor defaults, the Financial Creditor, alone or in conjunction with other financial creditors, may file an application to initiate the CIRP against the corporate debtor, according to section 7(1) of the Act.
- Adjudicating Authority shall determine the existence of the default from the records of the information utility or on the basis of the evidence provided by the financial creditor under section 7(2) within 14 days of receiving the application under section 7(3).
- if the Adjudicating Authority believes that:
- Adjudicating Authority may, by order, admit such application if a default has occurred, the application under Section 7(2) is complete, and there are no disciplinary procedures pending against the suggested resolution professional; or
- Adjudicating Authority may reject an application if a default has not occurred, the application under section 7(2) is incomplete, or a disciplinary procedure against the suggested resolution professional is pending.
4. Application under Section 9 of IBC for initiation of the CIRP by Operational Creditor:
- The Operational Creditor should owe the financial debt and the debt should be lawfully assigned to him and transferred if the Operational Creditor initiates the Corporate Insolvency Resolution Process. Manufacturers, traders, and employees are all considered “operational creditors” (Section 9 of the IBC).
- If the operational creditor does not receive payment from the corporate debtor or the dispute under section 9(2) of section 8 after the 10-day period from the date of delivery of the notice or invoice demanding payment under section 8(1), the operational creditor may file an application with the adjudicating authority to begin the CIRP process.
- the adjudicating authority shall issue an order: Within 14 days of receiving the application under Section 9(2),
I) Accept the application and notify the operational creditor and corporate debtor of the decision if,
- Application submitted in accordance with Section 9(2) is complete.
- The unpaid operating debt is not being repaid.
- Operational creditor has delivered the invoice or notice for payment to the corporate debtor.
- The operational creditor has not received a notice of disagreement, and there is no record of a dispute in the information utility; and
- There are no pending disciplinary processes against any of the resolution professionals mentioned in this section 9(4).
II) Reject the Application and notify the operational creditor and the corporate debtor of the decision if,
- Application submitted under section 9(2) is missing information or incomplete.
- The operational creditor has received notice of the dispute, or there is a record in the information utility.
- Outstanding operational debt has been repaid.
- Any proposed resolution professional is the subject of a disciplinary proceeding.
- Invoice or payment notice for the corporate debtor has not been provided by the creditor.
Insolvency & Bankruptcy Consultants in Delhi :
Services in the field of Insolvency Laws
- Drafting of Insolvency Petition Under IBC
- Filing of your matter with National Company Law Tribunal Delhi
- Appearances by the Advocates & pleadings for the same
- Action for National Company Law Tribunal Final Order
- Recovery of Financial and Operational debt from the Debtors
- Recovery Of Operational and Financial Debt In Delhi via Insolvency
Popular blog:-
- Sale as Going concern under liquidation
- Liquidator fees to be paid CIRP Regulations
- Initiation of Liquidation under the IBC Code
- Liquidation Process for CD under IBC
- IBC Forms Insolvency and Bankruptcy Code 2016 Forms Demand Notices Returns
**********************************************************
If this article has helped you in any way, i would appreciate if you could share/like it or leave a comment. Thank you for visiting my blog.
Legal Disclaimer:
The information / articles & any relies to the comments on this blog are provided purely for informational and educational purposes only & are purely based on my understanding / knowledge. They do noy constitute legal advice or legal opinions. The information / articles and any replies to the comments are intended but not promised or guaranteed to be current, complete, or up-to-date and should in no way be taken as a legal advice or an indication of future results. Therefore, i can not take any responsibility for the results or consequences of any attempt to use or adopt any of the information presented on this blog. You are advised not to act or rely on any information / articles contained without first seeking the advice of a practicing professional.