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Taxmann Launches Insolvency & Bankruptcy Practice Manual

Ahmedabad, July 2018: Taxmann Publications, the leading Online & In-print publisher on Tax and Corporate Laws, has recently launched the Insolvency Practice Manual authored by CA Ravinder Agarwal. The book is an all-inclusive practical handbook offering all aspects of corporate insolvency for insolvency practitioners and other stake holders. This book offers a simplified presentation of Insolvency & Bankruptcy Code (IBC) and will be helpful to the corporate insolvency initiators in a big way.

With the help of IBC, Government has been able to set a streamlined framework for the process of insolvency and bankruptcy. Previously, the Companies Act, 1956 and Companies Act, 2013 provided with a process of winding up which was ambiguous and offered a bit of a challenge to the establishments who were resolved to declare themselves as insolvent as they were no longer in a position to carry on their businesses. As a result of which, the courts were flooded with litigations, often filed by the creditors. The new IBC offers a wide range of measures in terms of insolvency resolution by businesses and individuals for maximum realization of value of assets to meet the creditor’s demands.

IBC has opened a new but challenging opportunity for designated professionals to use their experience and skills to deal with the insolvency of corporates, individuals and firms. The insolvency professionals faces a number of challenges such as dealing with creditors, corporate debtors, taking possession of assets and running the business as a going concern.

The objective of this book is to fill the gap while the act is evolving and practical challenges are being faced by the Insolvency practitioners, professionals, bankers, regulators and other stakeholders in understanding the process and their responsibilities.

Following are the features of Insolvency Practice Manual:

1. Simplified presentation of the code, majorly helpful for the insolvency practitioners, insolvency initiators and all other stake holders

2. Extensive coverage on the important pillars of the Code, i.e. Insolvency and Bankruptcy Board of India, Adjudicating Authorities (i.e. NCLT, NCLAT), Information Utilities, Insolvency Professional Agencies, Insolvency Professionals, etc.

3. The book also covers the various mechanism which the regulator is empowered to monitor and control the working of Insolvency professional agencies, Insolvency professionals and Information Utilities.

4. Simplified flow charts presentation of various processes and corporate Insolvency resolution processes (CIRP)

5. Contains summary table of offences & Penalties and Suggested checklists for list for initiation of CIRP

6. Separate chapters guiding the following on various critical issues

a) Financial creditors

b) Operational creditors

c) Corporate debtors

7. Practical Guidance for Insolvency professionals on activities

a) In the initial 30 days period (as Interim Resolution Professional)

b) During 31 to 60 days ( As Resolution Professional)

c) During 61 to 180 days

d) For extended period of 90 days, if any

8. Analysis of judicial pronouncements to help insolvency practitioners to refer cases which are critical and useful for other stake holders to understand the stand of judiciary under the code.

The book is amended up to Insolvency and Bankruptcy Code (Amendment) Ordinance, 2018 dated 6.6.2018. The respective chapters are suitably updated to give effect of the ordinance and included separate chapter on Ordinance.

Taxmann Publication has also launched Guide to Insolvency & Bankruptcy Code, a comprehensive guide to Insolvency & Bankruptcy Code that also covers SARFAESI Act, DRT Act and Winding-Up. In addition to this, it has also released Insolvency & Bankruptcy Law Digest [2016-March 2018], a section-wise case book of all relevant judgments of Supreme Court, High Courts, NCLAT and NCLT on IBC.

About Taxmann:

Taxmann is the leading publishers of Tax and Corporate Laws in India. Besides publishing books, it maintains the most accurate and largest online database on Direct-taxes (Domestic as well as International Tax), Corporate Laws, Insolvency & Bankruptcy, GST, Indirect-taxes, Accounts & Audit and Indian Acts & Rules.

Taxmann group is a conglomerate of several divisions which work independently to look after the editorial research & development, technology enhancements, printing, publishing, sales and marketing activities.

Taxmann's editorial and research & development team comprises of highly motivated group of over 200 associates from legal community which include lawyers, chartered accountants and company secretaries who monitor all the developments in the judicial, administrative and legislative fields and process the information with impeccable perfection and skill.

Founded in 1960 by Mr. U.K. Bhargava, the company was established with an objective to ‘spearhead the pursuit of expertise and authenticity’ in field of law.
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