Bankruptcy and insolvency Act India/What is Indian bankruptcy Act/What is the punishment for bankruptcy in India/Best law firm in Coimbatore/ Best advocates in Coimbatore/Best law service in Coimbatore/ Best legal consultation in Coimbatore/ Best legal services in Coimbatore/ Best lawyers in Coimbatore/ Online legal consultation. In India, the laws governing bankruptcy and debt primarily come under the Insolvency and Bankruptcy Code, 2016 (IBC). The IBC provides a framework for the resolution of insolvency and bankruptcy cases for individuals, partnership firms, and companies. It aims to promote time-bound and efficient resolution of debt distress and maximize the value of assets. Insolvency professionals, registered with the Insolvency and Bankruptcy Board of India, play a crucial role in the resolution process. They act as intermediaries between the debtor and creditors and facilitate the resolution process. The IBC provides for two primary insolvency processes: Corporate Insolvency Resolution Process - This process applies to corporate entities and involves the appointment of an insolvency professional, the formation of a committee of creditors, and the development and approval of a resolution plan. Individual Insolvency Resolution Process (IIRP) - This process applies to individuals and partnership firms and involves the filing of a bankruptcy application, the appointment of a bankruptcy trustee, and the realization and distribution of assets. Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act, 2002: This act empowers banks and financial institutions to enforce the security interest created for loans by taking possession of assets and initiating recovery proceedings. Debt Recovery under Civil Laws: Debt recovery can also be pursued through civil courts under the provisions of the Civil Procedure Code (CPC) and other relevant laws. Creditors can file recovery suits seeking repayment of outstanding debts. At Saanvika Legal Associate, other law cases like business law, financial law, insurance law, environment law, consumer law, property law, banking, tax, cyber, labor, constitutional, legal registration, litigations, criminal, family law, and so on are provided. All kinds of Law services are offered by experienced lawyers that result in the success of your cases in every way possible.