BANKRUPTCY

In India bankruptcy is dealt with under the Indian Companies Act, 1956, the Sick Industrial Companies (Special Provisions) Act, 1985 (“SICA”), Recovery of Debts Due to Banks and Financial Institutions Act, 1993, the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI), the Indian Contract Act, 1872, the Indian Civil Procedure Code, 1908 and other substantive and procedural laws. We serve clients seeking relief as a creditor, debtor or in any other capacity when confronted with legal problems related to bankruptcy and insolvency. Our team has a great deal of experience in dealing with bankruptcy issues. We represent clients such as Citi Financial Consumer Finance India Ltd., a leading NBFC in India in all types of bankruptcy proceedings throughout the country and counsel clients in properly structuring transactions to avoid or mitigate bankruptcy issues. We have represented Orissa Industries Ltd and Pasondia Steel Profiles Ltd before Board for Industrial & Financial Reconstruction (BIFR). We conduct due diligence on liquidity and hidden liabilities of potential business partners by conducting search with financial institutions and judicial authorities. We also represent our clients before BIFR and other Courts of Law.