Personal Insolvency

SIPL consists of professionals with diverse background who are competent to act as Resolution Professionals and assist the lenders and debtors to initiate insolvency proceedings against Individuals, Proprietorship Concerns and Partnership Firms who commit default and also act as Bankruptcy Trustees in the case of Bankruptcy Process of Individuals, Proprietorship Concerns and Partnership Firms. Under the I&B Code,2016, the Key actionable involve-

1. Submission of Report to the Adjudicating Authority recommending for approval or rejection of the application under section 94 and 95 of IBC, 2016.
2. Invitation and verification of Claims.
3. Preparation of repayment plan under section 105 of IBC, 2016 along with his Report on such plan to the Adjudicating Authority.
4. Conducting meeting of Creditors for approval of repayment plans.
5. In case of Bankruptcy, the bankruptcy trustee shall prepare and submit preliminary report, progress reports, and final report to the Adjudicating Authority and the Committee of Creditors.