The Insolvency and Bankruptcy code which came into effect last year seeks to consolidate the existing framework by creating a single law for insolvency and bankruptcy
Corporate Consulting Firm TRC and UK based Business Advisory Firm FRP have joined hands to offer advisory services pertaining to the Insolvency and Bankruptcy Code in India. Home grown law firm SNG & Partners was the legal advisor to this project. India’s Insolvency Code has been broadly adopted from the UK Insolvency regime.
TRC, having domain knowledge of the Indian industry and specially stressed assets and FRP having deep domain knowledge of the insolvency practice shall result in an integrated player for giving desired deliverables to the lenders and stakeholders, the companies said in a joint statement.
The Insolvency and Bankruptcy code which came into effect last year seeks to consolidate the existing framework by creating a single law for insolvency and bankruptcy. Banks are currently saddled with NPAs of over Rs 8 lakh crore and there seems to be no respite on the recovery front due to slow economic activity. Also with more and more cases expected to be heard for resolution under the Insolvency and Bankruptcy Code incremental NPA formation and higher provisioning burden can be expected at the end of the December quarter.