Are you one of the many person or entity in Delhi, frustrated by overdue debts? Recovery of bad debt can be a nightmare for any creditor, whether financial or operational and it is also a well-known fact that chasing or running after debtors, generally, does not bring any positive result. If you are looking for insolvency professionals in Delhi to recover your debt, your search ends here!
MUDS consultancy firm is committed to complete legal solutions, a guarantee to not only recover your debt but also save your time, energy and money. We have a team which comprises of most proficient insolvency professionals in Delhi, dedicated towards delivering most feasible solutions, counsel and guidance.
For aggrieved Creditors like you, the Insolvency and Bankruptcy Code 2016, (IBC), is the most effective tool in getting back the due amount in the shortest period. Its success lies in the fact that it is founded on the concept of ‘creditor in control’ instead of what was earlier termed as ‘debtor in possession’.
Our exemplary team of insolvency professionals in Delhi simplify the legal & regulatory complexities for our clients and take the cause to a conclusive, logical resolution. We have extended assistance to 80+ clients pan India in effectively recovering their debt and overcoming their stress!
Our accomplished team of insolvency professionals in Delhi render broad-gauged legal support, covering all aspects of Insolvency from initiation to recovery, bringing in the much needed relief to aggrieved Creditors.
1. In case of initiation of Corporate Insolvency Resolution Process by Financial Creditor, it should owe the financial debt and the debt should be legally assigned to him and transferred. The Term “Financial Creditor” includes Banks, Financial Institutions, Homebuyers, Enterprise, Corporate Entity or Company (Section 7 of the IBC).
According to Sub-section (1) of the Act, the Financial Creditor either by itself or jointly with other financial creditors may file an application for initiating the Corporate Insolvency Resolution Process against a corporate debtor when a default has occurred.
The Adjudicating Authority shall within 14 days of the receipt of the application under sub-section (2), ascertain the existence of the default from the records of the information utility or on the basis of the evidence furnished by the financial creditor under sub-section (3).
2. In case of initiation of Corporate Insolvency Resolution Process by the Operational Creditor, the Operational Creditor should owe the financial debt and the debt should be legally assigned to him and transferred. The term “Operational Creditor” includes Manufacturers, Traders, Employees (Section 9 of the IBC).
After the expiry of the period of 10 days from the date of delivery of the notice or the invoice demanding payment under (1) of section 8, if the operational creditor does not receive payment from the corporate debtor or the dispute under sub-section (2) of section 8, the operational creditor may file an application before the adjudicating authority for initiating the CIRP process.
The Adjudicating authority shall within 14 days of the receipt of the application under sub-section (2), by an order:
3. In case of the Summary Suit under Order 37 of the Code of Civil Procedure, 1908, the Creditor shall file the Summary Suit in the respective courts having jurisdiction if there is a suit upon Bills of Exchange, Hundis and Promissory Notes.
Suits in which the plaintiff seeks only to recover a debt or liquidated demand in money payable by the defendant, with or without interest, arising:
4. Section 138 of the Negotiable Instruments Act, 1881 (Cheque Bounce Recovery Case): If the customer delays the payment through cheque then the seller can file a suit against the customer under Section 138 of the Negotiable Instruments Act, 1881.
Under Section 138, a legal notice is sent to the customer regarding the bouncing of the cheque and if he does not pay within 30 days, then the seller can file a suit against the customer under Section 138 of the NI Act regarding non-payment of the payment.
|Comparison Basis||Section 7 of IBC||Section 9 of IBC||Summary Suit (Order 37 of Cpc, 1908)||Section 138 of NI Act, 1881|
|Claim Amount||Minimum Amount is Rs. 1 lac||Minimum Amount is Rs. 1 lac||It is prescribed as per the Code of Civil Procedure, 1908.||It is prescribed as per the NI Act, 1881.|
|Limitation Period||It is 3 years from the date when the debt has become due.||It is 3 years from the date when the debt has become due.||The limitation is prescribed as per the||45 days is the time period for filing the case in the Concerned Court when the cheque has been bounced.|
|Total time-frame||6 months (Approx.)||6 months (Approx.)||3-4 months (Approx.)||6 months- 1 year (It can vary)|
|Type of Persons availing the Services||Homebuyers, Financial Institutions, Banks etc. (They all are termed as Financial Creditors)||Employees, Traders, Manfacturers (They all are termed as Financial Creditors)||Manfacturers, Traders, Buisnessmen and any other person dealing in goods and services.||Any person whose cheque has been bounced by the Bank due to insufficient funds on payment by the debtor.|
|Court Fees to be Paid||Rs. 25,000||Rs. 2,000||It is prescribed as per the Amount of claim.||It is prescribed as per the Amount of claim.|
Corporates Insolvency Resolution Process can be initiated by:
The IBC 2016 mandates rupees one lakh and above as the trigger amount for Insolvency.
Section 12 of the IBC states that the insolvency resolution process shall be completed within 180 days of applying to the NCLT.
A corporate debtor may face liquidity if:
A Liquidator plays the most pivotal role in the liquidation process. He has to perform many duties in an impartial and judicious manner, in accumulating and assessing the assets of the debtor and eventually, selling them off to settle the debts of the creditors.
Thanks Muds Team for their all round support in successful delivery of services. Their approach is Client Centric and they possess the deep understanding of the Subject
Their Professional Approach blended with personal touch eases out all hassals in the Transaction.
We have been working with Muds since 4 years and their service is dependable. I highly recommend Muds in every facets of Business for the hassal free sleep.