Credence Law Mission!!!!

Credence Law, a highly renowned and well famed banner in the Indian legal sector, offers top notch legal representation to their prestigious domestic and overseas clients in their specialized branches of law. Holding a special reputation among all the leading law firms in Delhi, we at Credence Law, are proud to have specialization and expertise in several branches of law. This highly prestigious law firm in Delhi is served by highly experienced and knowledgeable attorneys who have dealt with several complex legal issues related to FDI, merger amalgamation, arbitration, copyright issues, patent and trademark issues along with company registration matters. We encompasses a team of attorneys having combined experience of over 100 years in specialized branches of law. Our team of competent and experienced attorneys are dedicated to deliver the best and cost-effective legal services with excellence. This top law firm in Delhi handle each and every case with great excellence, accuracy and honesty. All our attorneys like merger amalgamation attorney, employment laws attorney, arbitration attorney, copyright lawyers, patent and trademark attorney have extensive experience in representing cases in Supreme Court as well as district and session courts of both trial and appellate levels.

Most of the people believe that the Indian Legal System is highly complex, but Credence Law offers some extremely simple solutions with their years of expertise and extensive knowledge. Whether one wish to hire the service of merger amalgamation attorney or arbitration attorney or copyright lawyers or trademark or patent attorney, Credence Law firm is undoubtedly the most preferred choice of clients of diverse field. With its sheer dedication and commitment, today Credence Law is building the reputation of best law firm in Delhi. We are serving people, companies, institutions and organizations of diverse sectors with our well-round expertise and extensive experience. We serve all our clients with the aim to build strong and long-term relations.

Insolvency & Bankruptcy Practice Group

Credence Law has a well-established Insolvency & Bankruptcy practice, where the firm represents clients in Pan India at different National Company Law Tribunals (NCLT) and at National Company Law Appellate Tribunal (NCLAT). Our Founding Partner Mr. Rakesh Kumar is the Honorary Secretary of the NCLT&AT Bar Association. We have been involved in every phase of this evolving law of IBC in India since its inception and have a number of reported judicial pronouncements at NCLT, NCLAT, and the Hon’ble Supreme Court of India.

The law relating to Insolvency and Bankruptcy in India has been a true example of the dynamic element of the various corporate legislations. Our decipherable teams are in tune with the present and expected trends. We have been constantly working on strategizing on complex matters under the Insolvency and Bankruptcy Code of 2016. Prior to the regularization of the IBC, Credence Law has always been on the horizon for a codified law on Insolvency and Bankruptcy matters. It is often said that “An intense anticipation itself transforms possibility into reality” and that is how exactly it turned out in 2016 when the IBC came into force. We take huge pride to be the precursors of this field of law. Our experience covers the entire range of this practice, starting from restructuring under formal and informal procedures towards revival for corporates with early signs of distress, to processes involving actual liquidation and winding down of businesses. We are also a leading fraternity in decoding complex matters which require attention to detail and profound legal minutia. Our integrated and comprehensive approach towards the matters of our clients helps us to be the torch bearers for the legal remedy and thus the reason for our impeccable record in representing matters before the Hon’ble NCLT, NCLAT, High Courts, and The Supreme Court. We have been delivering encouraging services to our big segment clients in the resolution of their matters concerned.

Our legal and professional services stretch from a to z under insolvency & bankruptcy laws. However, the major services that we provide are classified as follows:

  1. 1 PPIRP (Pre-packaged Insolvency Resolution Process)

A pre-packaged CIRP was introduced on 04.04.2021 for corporate persons classified as micro, small and medium enterprises.

  1. Purpose and philosophy of PPIR

As per the preamble to the Insolvency and Bankruptcy Code (Amendment) Ordinance, 2021 issued on 04.04.2021, the purpose of the Ordinance is to help MSMEs to get over difficulties faced due to the COVID-19 pandemic. Some important observations made in the subcommittee are as follows: Pre-pack CIRP is a hybrid framework for the resolution of stress as a going concern with minimum government intervention. It is a step to introduce both informal (out of court) and formal (judicial) insolvency proceedings.

  • We provide the following services under PPIRP:
  • For MSMEs where the threshold of default is 1 Cr, we help them adopt PPIRP instead of CIRP and help them to resolve the stress in the business with their Financial Creditors/Operational Creditors in an informal way at the preinitiation stage.
  • Where the default of MSMEs is at least 10 lakhs and default arose between 25 March 2020 to 24 March 2021, we help the Corporate Debtor to resolve the stress in the business with their Financial Creditors/Operational Creditors in an informal way at the pre-initiation stage
  • Where the informal way does not succeed, we have expertise in the drafting of the Preliminary Information Memorandum (PIM), Base Resolution Plan (BRP) / Base Alternative Plan (BAP).
  • Filing the PPIRP application and representing the Corporate Debtor before the NCLT and getting PPIRP closed with Base Resolution Plan/BAP. Representing creditors at NCLT in PPRIP proceedings.
  • 2 Initiating Insolvency under sections 7 and 9 of the IBC (Representing Petitioner)
  • For MSMEs where the threshold of default is 1 Cr, we help them adopt PPIRP instead of CIRP and help them to resolve the stress in the business with their Financial Creditors/Operational Creditors in an informal way at the preinitiation stage.
  • We provide the following services to Financial Creditor :
  • Examination of documents and ascertaining the default amount due and payable and ascertaining if the petition is maintainable or not before the NCLT.
  • Drafting of the petition along with all other required documents as prescribed under Section 7/9 of IBC Code, 2016 in order to ensure compliance with the provisions in regard to the matter concerned
  • Filing of the petition before the respective NCLT Bench (Pan India, i.e., Delhi, Chandigarh, Banglore, Chennai, Ahemdabad, Allahabad, Amravati, Cuttack, Guwahati, Hyderabad, Indore, Jaipur, Kochi, Kolkata, Mumbai) as per the procedure laid down under the respective statute.
  • Appearing before the Hon’ble NCLT and arguing for the admission of the petition to ensure that the client does not have to bear any losses.
  • Negotiating the settlement talks between the parties concerned and trying to make the best settlement possible in the interest of our clients.
  • Execution of the settlement deed after the client’s perusal.
  • Withdrawal of petition from the Adjudicating Authority on the execution of settlement in the specific form as prescribed under the statute.

  1. 1. Initiating Insolvency U/S 7 and 9 of the IBC (Representing Corporate Debtor)

Under the IBC Code, 2016, the financial creditor(s) can initiate the Corporate Insolvency Resolution Process (CIRP) by filing a petition U/S 7/9 at the concerned NCLT.

  1. We provide the following services to Corporate Debtor:
  • Examination of documents and ascertaining whether the amount of debt and default is due or payable or not and if the matter in concern is maintainable or not before the Adjudicating Authority.
  • Drafting and filing of reply on behalf of the corporate debtor as per their satisfaction.
  • Appearing and defending the corporate debtor before the Hon’ble NCLT in the best interest of the client.
  • We strategize the overall matter on behalf of the corporate debtor for the resolution of the corporate debtor.
  • After the strategy in the matter concerned is prepared, arguments on merits and on the basis of legal minutia of our expert team on behalf of the corporate debtor and oppose the admission of the petition against the Corporate Debtor
  • Negotiating the settlement talks between the parties concerned and trying to make the best settlement possible in the interest of our clients
  • Execution of the settlement deed after the client’s perusal.
  • Withdrawal of petition from the Adjudicating Authority on the execution of settlement in the specific form as prescribed under the statute.
  • CORPORATE APPLICANT U/S 10 SERVICE ZONE

  • 1. Initiating Insolvency U/S 10 of the IBC (Representing Corporate Applicant)
  • Under the IBC Code, 2016, where a corporate debtor has committed a default, a corporate applicant can initiate the Corporate Insolvency Resolution Process (CIRP) by filing a petition U/S 10 of the IBC, 2016.
  • We provide the following services to Corporate Applicant: -
  • Filing of the petition on behalf of the Corporate Debtor prescribed under section 10 of IBC, 2016 before the Hon’ble NCLT.
  • Assuring attachment of all required documents along with the petition as prescribed under section 10 to ensure no objection is raised w.r.t. filing from the Adjudicating Authority.
  • Ensuring approval of the application by way of special resolution and filing of form MGT 14 (Section 117 Of Companies Act 2013) with ROC with reference to the special resolution passed.
  • Rectifying the defects (if any) in the application prescribed by the order issued by the Adjudicating Authority
  • Appearing and representing the Corporate Debtor before the Hon’ble NCLT in the best interest of the client.
  • We strategize the overall matter on behalf of the corporate debtor for the resolution of the corporate debtor
  • Arguments on merits on behalf of the Corporate Debtor.

  • 1. Initiating Insolvency U/S 10 of the IBC (Representing Corporate Applicant)
  • Under the IBC Code, 2016, where a corporate debtor has committed a default, a corporate applicant can initiate the Corporate Insolvency Resolution Process (CIRP) by filing a petition U/S 10 of the IBC, 2016.
  • We provide the following services to Corporate Applicant: -
  • Filing of the petition on behalf of the Corporate Debtor prescribed under section 10 of IBC, 2016 before the Hon’ble NCLT.
  • Assuring attachment of all required documents along with the petition as prescribed under section 10 to ensure no objection is raised w.r.t. filing from the Adjudicating Authority.
  • Ensuring approval of the application by way of special resolution and filing of form MGT 14 (Section 117 Of Companies Act 2013) with ROC with reference to the special resolution passed.
  • Rectifying the defects (if any) in the application prescribed by the order issued by the Adjudicating Authority
  • Appearing and representing the Corporate Debtor before the Hon’ble NCLT in the best interest of the client.
  • We strategize the overall matter on behalf of the corporate debtor for the resolution of the corporate debtor
  • Arguments on merits on behalf of the Corporate Debtor.

  1. 1. Resolution Plan under IBC (Representing Corporate Debtor/ Financial / Operational Creditors/ Corporate Applicant)

A Resolution Plan means a plan proposed by the resolution applicant for the resolution of the Corporate Debtor as a going concern in accordance with Part II of the Code. The Resolution Professional invites Expressions of Interest from the potential Resolution Applicants. For the purpose of formulation of a Resolution Plan, the Resolution Professional prepares an Information Memorandum to be submitted to the potential

Resolution Applicants. The Resolution Professional also prepares a Request for Resolution Plan / Process Memorandum which provides the manner in which the entire resolution plan is to be filed.

  1. We provide the following services in relation to Resolution Plan:
  • Drafting of a resolution plan based on the Information Memorandum in the best interest of our client.
  • Analysis of the resolution plan submitted by the resolution applicant under section 30 of the IBC,2016.
  • Presenting the resolution plan before the COC under section 30(3) of IBC.
  • Strategizing on the commercials and feasibility of the resolution plan.
  • Dealing with objections to the resolution plan.
  • We take immense pleasure in stating that we have been a part of significant resolution plans which are approved by PAN India from all the sectors of business including but not limited to the Real estate sector, Energy & Power Sector, Industrial Sector, Services Sector, etc.
  • 2. Liquidation Process
  • Under IBC when a resolution plan is rejected by the Hon’ble NCLT under section 31 of IBC or if the plan is not received by the NCLT it shall pass an order under section 33 of IBC 2016 pursuant to which the company enters into the stage of liquidation governed under Chapter III of IBC, 2016.The adjudicating authority may pass an order for liquidation of the company under section 33(4) for an application received under section 33(3) of IBC 2016.
  • We provide the following services when a liquidation order is passed:
  • Drafting of written consent on behalf of the resolution professional post appointment as liquidator to the adjudicating authority under section 34(1) of IBC.
  • Defending the Resolution Professional in case, he is being replaced by the Adjudicating Authority for any reason as listed under section 34(4) of IBC.
  • Exercise the duties and powers enumerated under section 35 of IBC
  • Formation of liquidation estate in relation to the corporate debtor in accordance with provisions of section 36 of IBC
  • Access the requisite information from the various sources as prescribed under section 37 of IBC.
  • Consolidation and collection of claims of creditors under section 38 of IBC.
  • Assisting in the verification of claims under section 39 which were submitted under section 37 of IBC.
  • Admission or rejection of claims under section 40 of IBC.
  • Determination of valuation of claims received under section 41 of IBC.
  • Defending the appeal by the creditor against the decision of the liquidator under section 42 of IBC.
  • Application to adjudicating authority when the liquidator has reason to believe that the corporate debtor has entered into preferential transaction under section 43 of IBC.
  • Ensuring compliance with the order passed by the Adjudicating Authority under section 44 of IBC.
  • Application to adjudicating authority where the liquidation has reason to believe that the corporate debtor has entered into an undervalued transaction under section 45 of IBC.
  • Defending Application filed with adjudicating authority by the creditors under section 47 wherein the application was not made by the liquidator under section 45 of IBC.
  • Ensuring compliance with the order passed by the Adjudicating Authority under sections 48 and 49 of IBC.
  • Application to adjudicating authority where the corporate debtor has entered into extortionate credit transaction under section 50 of IBC.
  • Ensuring compliance with the order passed by the Adjudicating Authority under section 51 of IBC.
  • Ensuring that the proceeds of the sale of liquidation assets are distributed in compliance with the order of priority as mentioned under section 53 of IBC.
  • Application to adjudicating authority seeking an order of dissolution of the corporate debtor under section 54(1) of IBC
  • Ensuring that where a compromise or arrangement is proposed under section 230 of the Companies Act, 2013, it shall be completed within ninety days of the order of liquidation under section 33 of IBC 2016 as per Regulation 2B of Insolvency And Bankruptcy Board of India (Liquidation Process) Regulations, 2016.
    • Pursuant to Regulation 5 of Insolvency And Bankruptcy Board of India (Liquidation Process) Regulations, 2016 ensuring that the following reports are prepared and submitted:
    • → A preliminary report;
    • → An asset memorandum;
    • → progress report(s);
    • → sale report(s);
    • → minutes of consultation with stakeholders; and
    • → the final report prior to dissolution
    • Ensuring that the liquidator shall maintain the following registers and books, as may be applicable, in relation to the liquidation of the corporate debtor, and shall preserve them for a period of eight years after the dissolution of the corporate debtor:
    • → Cash Book
    • → Ledger
    • →Bank Ledger
    • → Register of Fixed Assets and Inventories
    • → Securities and Investment Register
    • → Register of Book Debts and Outstanding Debts
    • →Tenants Ledger; o Suits Register
    • → Decree Register
    • → Register of Claims and Dividends
    • → Contributories Ledger
    • → Distributions Register
    • → Fee Register
    • → Suspense Register
    • → Documents Register
    • → Books Register
    • → Register of unclaimed dividends and undistributed proceeds
    • → Such other books or registers as may be necessary to account for transactions entered into by him in relation to the corporate debtor.
  • 3. Legal support to Ex-Management upon commencement of the CIRP Process under IBC, 2016
  • The ambit of the services provided by us under the Insolvency & Bankruptcy Code, 2016 is not limited to Corporate Debtors, Financial Creditors or Operational Creditors or Corporate Applicants or RP. We provide our expert services to the management of the Corporate Debtor also. We provide the following services to Ex- management:
  • Analyze and then further strategize the implementation of the moratorium order passed under Section 14 of IBC, to ensure that there is no noncompliance with the order passed.
  • Challenging the valuation of assets and liabilities as per the report of the Registered Valuer as prepared under The Companies (Registered Valuers and Valuation) Rules, 2017.
  • Defending the application filed against the personnel of the Corporate Debtor, its promoter, or any other person for non-cooperation filed by the RP under section 19(2) of the IBC, 2016.
  • Challenge the modifications made in the existing contracts made by the RP under section 20(2) of IBC, to ensure that our client does not suffer any harm due to the changes made.
  • Consultancy on taking part in COC meetings conducted under Section 24 of IBC, and ensuring that the meeting is conducted in compliance with the regulations laid down in the stature with respect to the meetings of COC.
  • Defending the application filed under section 25(2)(j) of IBC, for the avoidance of transaction in accordance with Chapter III and providing sufficient proof to the court that the client did not indulge in the alleged transaction.
  • Defending the application filed or order passed under section 43 /44 of IBC, respectively alleging corporate debtor to have given preference to a transaction.
  • Defending the application filed under section 45 of IBC by RP/Liquidator or application filed under section 47 of IBC 2016 by creditors wherein they are of opinion that the corporate debtor has entered into an undervalued transaction and presenting the requisite submissions to prove that our client was never indulged in the alleged transaction.
  • Defending the application filed under Section 50 of IBC 2016 alleging that the corporate debtor has entered into extortionate credit transactions.
  • Challenging the Resolution Plan under Section 32 of IBC, admitted by the COC under section 30(4) of IBC
  • Defending the liquidation order passed by the Adjudicating Authority under section 33(2) of IBC, by submission of facts as to why the liquidation order shall not be passed and that the order is detrimental to the interest of the client.
  • Challenging the distribution of assets made under section 53 of IBC
  • Defending the appeals filed under section 61 of IBC, 2016 before the Hon’ble NCLAT (New Delhi and Chennai).

We render following corporate & commercial legal advisory:

  1. 1. Resolution Plan under IBC

A Resolution Plan means a plan proposed by the resolution applicant for the resolution of the Corporate Debtor as a going concern in accordance with Part II of the Code. The Resolution Professional invites Expressions of Interest from potential Resolution Applicants/Investors. For the purpose of formulation of a Resolution Plan, the Resolution Professional prepares an Information Memorandum to be submitted to the potential Resolution Applicants/Investors. We provide the following services in relation to Resolution Plan for potential Investors:

  • Drafting of a resolution plan based on the Information Memorandum in the best interest of our client
  • Presenting the resolution plan before the COC under section 30(3) of IBC.
  • Strategizing on the commercials and feasibility of the resolution plan.
  • Dealing with objections to the resolution plan.

WHO WE ARE

Credence Law offers some extremely simple solutions

Most of the people believe that the Indian Legal System is highly complex, but Credence Law offers some extremely simple solutions with their years of expertise and extensive knowledge.

Professionals having earned credibility of their prestigious domestic / overseas clients in their respective specialized branches of law have teamed up to serve their clients in a more efficient and effective manner under the banner of Credence Law.

WHAT WE DO

Holding a special reputation among all the leading law firms in Delhi

Corporate & Commercial Conveyancing

Joint Venture Agreements, Foreign Collaboration Agreements, Technical Know-how Agreements, Royalty Agreements, Confidentiality Agreements, Corporate Acquisition Agreements

Corporate Structuring / Re-structuring & Arrangements

Merger, De-merger, Amalgamation, Scheme of Arrangement, Revival of Sick Units, Rehabilitation of the Corporate Entities, Revival of the Companies, Spin-off, Buyback of Shares, Reduction of Shares, Hiving off substantial assets of the Company etc.

Corporate & Commercial Legal Advisory

To provide opinions on the Corporate and Commercial transactions for the Acquisitions, Mergers, Sell off of the Industrial Units, IPR rights, Corporate Entities, Real Estate, etc.

Real Estate Laws

Our professionals specialize in providing following services to Real Estate Companies,Banks, Financial Institutions, Individuals and Developers of Commercial and Residential Projects . Representing banks and financial institutions in connection with financing transactions secured by real estate.Acquisition and disposition transactions of Real Estate Properties.Setting up of Townships, IT Parks, Malls and Commercial Complexes.

PSU & Government Sector Legal Advisory

Our professionals specialize in providing following services to Real Estate Companies,Banks, Financial Institutions, Individuals and Developers of Commercial and Residential Projects .

Legal Audit / Due Diligence/ Compliance Mechanism

Providing comprehensive legal audit / due diligence during acquisition of a company or entering into a joint venture or during infusion of PE funding covering various aspects inter-alia corporate, labour, real estate, IPR, third party contracts, employment laws, taxation, environmental laws, industry specific approvals / permits / permissions, SEBI compliances, litigation, NBFC norms and FEMA.

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