Insolvency & Bankruptcy Services

Assessment of Tax Treaties, International Agreements, Tax Information Sharing Agreements, Comprehensive Economic Partnership Agreements, and other similar agreements for taxability and relief

The following areas are covered by the insolvency professional:

  • Procedure for Resolving Corporate Insolvencies (CIRP)

The statute stipulates a total time period of 330 days for resolving corporate debtor insolvencies. The procedure entails the selection of a Resolution Professional, the publication of a public announcement, the calling of claims from creditors, the formation of a Committee of Creditors (CoC), the invitation of new investors (resolution applicants) to acquire the dying unit for a set price, and the examination of the resolution plans of such investors for approval by the CoC and subsequently by the NCLT. Financial creditors, operational creditors, or the corporate debtor itself may submit applications under NCLT.

  • Corporate Debtor Liquidation

The liquidation of the corporate debtor is started in order to sell off its assets in order to pay its debts in the event that no resolution plan is received during the corporate insolvency resolution process (CIRP) or if the plan is not authorized by the CoC or NCLT. The process of liquidation entails calling stakeholder claims, creating a committee of stakeholder consultation to advise the liquidator in the sale of assets, and establishing priorities for the distribution of the realized value of the assets. The legislation also allows for the avoidance or reversal of dubious transactions (preference, undervalued, extortionate, and fraudulent) made by former promoters.

  • Personal Guarantors of the Corporate Debtor’s Insolvency and Bankruptcy

NCLT is the deciding body in these matters. Nonetheless, it is a need that the Corporate Debtor for whom the guarantee has been granted by the individuals’ corporate insolvency resolution procedure (CIRP) to be active. A repayment schedule must be created for the stakeholders and claims from the stakeholders must be called. Assets are sold throughout the bankruptcy procedure to pay off these people’s debts.

  • Bankruptcy

Our specialists have the expertise to serve as bankruptcy trustees for the administration of the bankrupt person’s estate and efficient management of their assets and obligations. Moreover, we offer nationwide Bankruptcy Trustees secretarial and consulting support.

  • Prepackaged Bankruptcy

We provide services related to prepackaged insolvency, which is a legal topic now under consideration, and the Ministry of Corporate Affairs has made proposals for the process’ organizational structure. Prepack is a revolutionary approach to the expedited corporate insolvency procedure that will ideally offer troubled corporates a successful resolution.


  • Resolution Strategies

In any Corporate Insolvency Resolution Process (CIRP), the Resolution Plan is of vital importance since a good Resolution Plan will attract fresh investment and infusions of capital to sustain the failing firm. The steps in carrying out an effective resolution strategy are as follows:

  • Preparation

Establishing that the plan complies with Insolvency and Bankruptcy Services, corporate debtor due diligence, the total amount to be offered under the Resolution Plan, and presenting the plan before the Committee of Creditors are all steps in the preparation of plans on behalf of resolution applicants (Investors).

  • Evaluation

Putting plans on the evaluation matrix and assigning scores, interactions between CoC and the resolution applicant, and adherence to section 29A and other Insolvency and Bankruptcy Services regulations on behalf of the Resolution Professional.


  • implementation of a plan’s covenants upon NCLT approval.


Legal Support

The CIRP/Liquidation insolvency processes always entail court cases, including representations to the NCLT at every crossroads. We have a group of knowledgeable attorneys to handle the following services.

1) Developing

preparation and filing of applications under sections 7, 9, and 10; preparation and filing of preliminary/progress/final reports; preparation and filing of applications for dissolution; preparation and filing of applications for liquidation; preparation and filing of applications for personal guarantors; and preparation and filing of schemes of compromise and arrangement under the Companies Act.

2.) Appearances and Representation.

In applications submitted to the adjudicatory and appellate authorities under the insolvency and bankruptcy law, we represent businesses, resolution specialists, liquidators, and a committee of creditors.

3.) Due diligence.

running inspections and keeping a close eye on the committee of creditors, the liquidator, and the resolution expert to ensure strict adherence to legal standards.

How can SalahKaro assist you?

They help with the preparation, negotiation, and finalization of pertinent transaction contracts and other documents and are crucial in achieving a balance between stakeholders, CoC, Resolution Professionals, and Investors.

Being a professional organization providing insolvency services, we have gained competence in leading numerous procedures related to insolvency and bankruptcy services and are skilled at providing advice on the following.

The Resolution Professional's Advisors

We have a pool of experts who offer their expert advice to the RP during the Public Announcement process, the appointment of registered valuers, authorized representatives, and retainer legal counsels, the invitation and verification of claims, the constitution of the CoC, the agenda and minutes of all CoC meetings, information memorandum, transaction record audit, an audit of balance sheets, ROC Compliances, ongoing litigation, and more in order to keep the process transparent and efficient.

Corporate Debtor Cash Flow Monitoring

Monitoring cash flows to make sure that corporate bankruptcy resolution process costs, liquidation costs, and other expenditures essential to manage the corporate debtor on an ongoing basis are paid. Ensuring that all lawful inflows into the corporate debtor and making appropriate payouts.

Liquidator's advisors

A public announcement, the hiring of various experts, the calling of stakeholder claims, the establishment of a stakeholder consultation committee to assist the liquidator in the sale of assets, define priorities for distribution of the realised value of the assets, and identify dubious transactions (preference, undervalued, extortionate, and fraudulent) carried out by former promoters for avoidance/reversal.

Debt Syndication

Helping Resolution Applicants (investors) participate in the sector or industry of their choice under the Insolvency and Bankruptcy Code, advising them to take part in EOI and RFRP to ensure that their resolution plan is approved, and securing funding sources to inject into resolution plans that have been approved

Combined Corporate Debtor Insolvency

Although legislation on the topic has not yet been approved, NCLTs have previously let Videocon Industries and Reliance Communications to file for group insolvency. We may offer legal support and filing help to our customers who want to declare a group insolvent.


Several businesses hold assets overseas in their offshore corporations, while businesses based abroad may also have assets in India. The majority of the advanced nations already use the UNCITRAL Model to address the insolvencies of multinational corporations. This approach is being considered in India.

How Can SalahKaro Help in Bankruptcy and Insolvency?

The management of all the various aspects of the CIRP or liquidation process by a single Insolvency Resolution Professional or liquidator is not practical. Throughout the process, backend services like audits, compliance checks, legal work, insurance, and other pertinent help are essential. We established SalahKaro Insolvency Services LLP, an Insolvency Professional Entity (IPE) with the Insolvency and Bankruptcy Board of India that has been approved and registered (IBBI). Now, the firm has eight partners and more than twenty associates who work as insolvency professionals, Chartered Accountants, Company Secretaries, Management Experts, ex-Senior Bankers, and Attorneys with considerable expertise throughout India.

SalahKaro Insolvency Services LLP has handled over 30 cases of CIRP, Liquidation, Voluntary Liquidation, and Personal Guarantors to Corporate Debtors throughout the past four years under insolvency legislation, with a total debt quantum of more than 55,000 cr. SalahKaro has gained competence in all procedures necessary to finish the aforementioned processes as a result of handling these situations.

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