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Insolvancy & Bankruptcy

The Indian economy is to keep pace with the rest of the developed world to keep itself in competitive advantage. The Insolvency and Bankruptcy Code 2016 (IBC) got President’s assent on 28 th , May 2016. The aim of this new law or profession is to support the Financial Creditors, Operational Creditors and the Debtor company who are unable to service its debts for reason either beyond its control or adversities of the market or the company has outlived its technology or product or its business models.

The spirit behind this new legislation is either repay the loans or fulfill the financial commitments or close the unviable business but not to cling on indefinitely to lock the precious capital and other resources of the nation. If business is not going, better close it and move on to new green fields, in a time bound manner in a maximum of 270 days.

The entire responsibility of the development and regulation of the Insolvency and Bankruptcy is vested with “The Insolvency and Bankruptcy Board of India (IBBI- www.ibbi.gov.in) This board creates the IBC environment and support various players in the IBC. Insolvency Professionals are one of the many other important players of this new legislation, who are professionals on the ground and carry out the objects of the IBC by direct interactions with various stakeholders of a Corporate Insolvency Resolution Process (CIRP).

HPACS Consulting, through its Managing Partner Mr. Hemant Paliwal, who is a Registered Insolvency Professional, Regd No: IBBI/IPA-002/IP- N00087/2017-18/10228) is serving and supporting to various Banks, Financial Creditors, Operational Creditors and Debtor Companies by utilizing the legal avenues to get rid of the outstanding defaulted Loan, Statutory Liabilities and other Financial obligations and putting the company or the banks back on the track by unique and pragmatic customized “Resolution Plan” developed for each company and to get it approved from the adjudicating authority i.e. National Company Law Tribunal (NCLT).

For personal interaction and discussions, you may seek an appointment with Mr. Hemant Paliwal at: hemant@hpacs.com

Promoters Profile

Mr. Hemant Paliwal is a Registered Insolvency Professional, having IP REGISTRATION No. IBBI/IPA-002/IP-N00087/2017-18/10228. He is Master of Commerce (M.Com), specialized in Business Administration from University of Rajasthan, (Jaipur India). He is a qualified Company Secretary and became fellow member of the Institute of Company Secretaries of India in 1995 (http://www.icsi.edu). He is member of numerous prestigious organizations, a few of them have been enumerated below:

He has dealt with more than 45 cases of Sick Companies in BIFR and AAIFR.

He has participated and contributed in various professional development national and international seminars in India, UK, Malaysia and presented professional papers. He is professional Independent Director on the Board of International companies of US subsidiaries in India, like Gibson Guitar in India, HPACS Consulting ( UK) Ltd of London.

He has over three decades of experience as Corporate Professional and he has worked with large Industrial houses/institutions in India, such as - J. K. Industries Ltd, Continental Construction Ltd., and NSIC Ltd. Presently as Practicing Company Secretary he has successfully assisted to International companies from around the world to set up their Subsidiaries or Branches in India and post set-up, complete legal and commercial support services.

In India, he manages Corporate Finance for Indian companies and advised them on listing at AIM - London Stock Exchange, External Commercial Borrowings. Joint Venture Agreements with overseas companies, formation of companies in India and abroad for Indian MNC’s and compliance thereof and drafted schemes of transnational takeovers, Company Secretarial Audits (Legal Due Diligence) , Capital Market Laws & Securities and Exchange Board of India (SEBI) related matters in India, corporate governance matters, international secretarial services, taxation: email- hemant@hpacs.com

The Insolvency and Bankruptcy Infrastructure and Team of HPACS
  1. Insolvency Division Team:

    This division is headed by Mr. Hemant Paliwal, Managing Partner- a Registered Insolvency Professional with IBBI, New Delhi. REGISTRATION No. IBBI/IPA-002/IP- N00087/2017-18/10228..

    He is supported by a team of 20 professionals in all the three offices in New Delhi, Mumbai and Bangalore by:

    1. Two Senior Chartered Accountants.
    2. Three Senior Company Secretaries.
    3. Two Lawyers.
    4. Three Semi Qualified CS and CA
    5. Staff and Management Trianees- TEN Numbers.
    6. Ten Staff and Management Trainees.
    7. International affiliation of Insolvency Practitioners from United Kingdom.
  2. Technical guidance and international experience:

    M/s Bhardwaj Insolvency Practitioners  http://www.bhardwaj.co.uk/ a leading Insolvency Practitioners of UK for the last 37 years, a British company, are our “think tank” to provide technical and strategic guidance in the emerging new profession of “Insolvency & Bankruptcy” in India.

  3. We have our three “state of the arts” fully equipped independent offices at prime locations in New Delhi, Mumbai and Bangalore. Since June 2007 one office is in London of HPACS Group, a British Company M/s HPACS Consulting (UK) Limited, was promoted by Mr. Hemant Paliwal.
  4. Professional Indemnity Insurance Policy in the name of Mr. Hemant Paliwal.

    Why HPACS Only:

    • We advise and monitor our clients in matters related to insolvency, bankruptcy and liquidation.
    • Provide specialized services in the insolvency proceedings.
    • Appear as authorised representative on behalf of our clients in various meetings of committee of creditors.
    • We also take care of your business viability studies, assurances, advisory, legal, administrative and secretarial assignments.
    • We have Professional Indemnity Insurance Policy to compensate the affected stakeholders’ due to inadvertent oversight in discharging its duties.
Our services
  1. Services as Interim Resolution Professional.
  2. Services as Insolvency Professional
  3. Services as Voluntary Liquidator & as per NCLT orders.
  4. Services as authorised representative of Corporate Debtors in committee of creditors
  5. Preparing resolution process plan for debt defaulting companies. To find strategic investors from India or from abroad in the potentially viable defaulting debtor companies.
  6. Specialized services in the insolvency proceedings
  7. “Post resolution process plan” its smooth implementation as per approval of adjudicating authority (NCLT)
  8. Restructuring & Turnaround services
  9. Assisting in disposal of major Plant and Machinery and industrial assets to realize the best available price.
  10. Download our brochure
Services as Interim Resolution Professional.
Services as Interim Resolution Professional

We provide following services as an Interim Resolution Professional:

  • collect all information relating to the assets, finances and operations of the corporate debtor for determining the financial position of the corporate debtor, including information relating to;
    1. business operations for the previous two years;
    2. financial and operational payments for the previous two years;
    3. list of assets and liabilities as on the initiation date; and
    4. such other matters as may be specified
  • receive and collate all the claims submitted by creditors to him, pursuant to the public announcement made under sections 13 and 15;
  • constitute a committee of creditors;
  • monitor the assets of the corporate debtor and manage its operations until a resolution professional is appointed by the committee of creditors;
  • file information collected with the information utility, if necessary; and
  • take control and custody of any asset over which the corporate debtor has ownership rights as recorded in the balance sheet of the corporate debtor, or with information utility or the depository of securities or any other registry that records the ownership of assets including—
    1. assets over which the corporate debtor has ownership rights which may be located in a foreign country;
    2. assets that may or may not be in possession of the corporate debtor;
    3. tangible assets, whether movable or immovable;
    4. intangible assets including intellectual property;
    5. securities including shares held in any subsidiary of the corporate debtor, financial instruments, insurance policies;

    The above services are rendered within 30 days from date of admission of application by adjudicating authority.

Services as Insolvency Professional.
Services as Insolvency Professional

We provide following services as an Insolvency Professional:

  • take immediate custody and control of all the assets of the corporate debtor, including the business records of the corporate debtor.
  • represent and act on behalf of the corporate debtor with third parties, exercise rights for the benefit of the corporate debtor in judicial, quasi-judicial or arbitration proceedings
  • raise interim finances subject to the approval of the committee of creditors under section 28
  • appoint accountants, legal or other professionals in the manner as specified by Board;
  • maintain an updated list of claims;
  • convene and attend all meetings of the committee of creditors;
  • prepare the information memorandum in accordance with section 29;
  • invite prospective lenders, investors, and any other persons to put forward resolution plans;
  • present all resolution plans at the meetings of the committee of creditors
  • file application for avoidance of transactions in accordance with Chapter III, if any; and
  • such other actions as may be specified by the Board.

The Above Services will be completed within 150 days from the date Insolvency Professional takes over from Interim Resolution Professional.

Services provided in liquidation, pursuant to order of NCLT:.
Services provided in liquidation, pursuant to order of NCLT:

Services provided in a liquidation pursuant to order of NCLT:

  • to verify claims of all the creditors;
  • to take into his custody or control all the assets, property, effects and actionable claims of the corporate debtor;
  • to evaluate the assets and property of the corporate debtor in the manner as may be specified by the Board and prepare a report;
  • to take such measures to protect and preserve the assets and properties of the corporate debtor as he considers necessary;
  • to carry on the business of the corporate debtor for its beneficial liquidation as he considers necessary;
  • subject to section 52, to sell the immovable and movable property and actionable claims of the corporate debtor in liquidation by public auction or private contract, with power to transfer such property to any person or body corporate, or to sell the same in parcels in such manner as may be specified;
  • to draw, accept, make and endorse any negotiable instruments including bill of exchange, hundi or promissory note in the name and on behalf of the corporate debtor, with the same effect with respect to the liability as if such instruments were drawn, accepted, made or endorsed by or on behalf of the corporate debtor in the ordinary course of its business;
  • to take out, in his official name, letter of administration to any deceased contributory and to do in his official name any other act necessary for obtaining payment of any money due and payable from a contributory or his estate which cannot be ordinarily done in the name of the corporate debtor, and in all such cases, the money due and payable shall, for the purpose of enabling the liquidator to take out the letter of administration or recover the money, be deemed to be due to the liquidator himself;
  • to obtain any professional assistance from any person or appoint any professional, in discharge of his duties, obligations and responsibilities;
  • to invite and settle claims of creditors and claimants and distribute proceeds in accordance with the provisions of this Code;
  • to institute or defend any suit, prosecution or other legal proceedings, civil or criminal, in the name of on behalf of the corporate debtor;
  • to investigate the financial affairs of the corporate debtor to determine undervalued or preferential transactions;
  • to take all such actions, steps, or to sign, execute and verify any paper, deed, receipt document, application, petition, affidavit, bond or instrument and for such purpose to use the common seal, if any, as may be necessary for liquidation, distribution of assets and in discharge of his duties and obligations and functions as liquidator;
  • to apply to the Adjudicating Authority for such orders or directions as may be necessary for the liquidation of the corporate debtor and to report progress of the liquidation process in a manner as may be specified by the Board; and
  • to perform such other functions as may be specified by the Board.

The above-mentioned activities will be completed within a period of two years under Regulation 44 of IBBI (Liquidation Process) Regulations, 2016

Services as Voluntary Liquidator.
Services as Voluntary Liquidator
  • Reporting: Preparation and submission of various reports including following:
    1. status report;
    2. the final report prior to dissolution in the manner specified under these Regulations;
  • Maintenance of various Registers and Books of accounts of the corporate person;
  • Consultation with stakeholders;
  • Extortionate credit transactions;
  • Public announcements; to verify claims of all the creditors;
  • to take into his custody or control all the assets, property, effects and actionable claims of the corporate debtor;
  • to evaluate the assets and property of the corporate debtor in the manner as may be specified by the Board and prepare a report;
  • to take such measures to protect and preserve the assets and properties of the corporate debtor as he considers necessary;
  • to carry on the business of the corporate debtor for its beneficial liquidation as he considers necessary;
  • to obtain any professional assistance from any person or appoint any professional, in discharge of his duties, obligations and responsibilities;
  • to invite and settle claims of creditors and claimants and distribute proceeds in accordance with the provisions of this Code;
  • to perform such other functions as may be specified by the Board.

Above mentioned activities are completed under Regulation 37 of IBBI (Voluntary Liquidation Process) Regulations, 2017 within one year from the date of voluntary winding up order.