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Subrat SaurabhAuthor of Kuch Woh Pal
Insolvency is a state of financial distress in which a business or person is unable to pay their bills. It can lead to insolvency proceedings, in which legal action will be taken against insolvent person or entity, and assets may be liquidated to pay off outstanding debts.
Bankrupt is not the only legal status that an insolvent person may have, and the term bankruptcy is therefore not a synonym for insolvency. Bankruptcy usually refers to Balance-sheet Insolvency wherein a person or company does not have enough assets to pay of all their debts.
The Insolvency and Bankruptcy Code, 2016 (IBC) is the bankruptcy law of India which seeks to consolidate and amend the laws relating to reorganization and insolvency resolution of corporate persons, partnership firms and individuals in a time bound manner for maximization of value of assets of such persons, to promote entrepreneurship, availability of credit and balance the interests of all the stakeholders including alteration in the order of priority of payment of Government dues and to establish an Insolvency and Bankruptcy Board of India, and for matters connected therewith or incidental thereto.
IBC is a major legal reform to speed up resolution of stressed assets in India and is applicable to Individuals, Partnerships, LLPs and Corporates. Authority decides insolvency application within 180 days and can also fast track process of 90 days extension available for specified entities. This books covers the Global Insolvency and Bankruptcy Norms, the Indian Code and focusses its impact on the Indian Real Estate Sector.
Dr. Adv. Harshul Savla, Adv. Darsh Dharod, Adv. Shamiana Hussain
Dr. Adv. Harshul Savla is a Real Estate Developer, a World Record Holder and an Author.
He has completed his Ph.D. on REITs from the prestigious University of Mumbai and is doing his second Ph.D. on RERA from the Department of Law at Mumbai University.
He has completed his MBA from the prestigious Jamnalal Bajaj Institute of Management Studies (JBIMS) and LL.B from Government Law College (GLC) and LL.M in Environmental Studies from MU.
He holds the World Record for “Maximum Books Authored on Real Estate Sector” he has authored and published 16 books, most of which are National Amazon Best Seller.
He was been awarded “Young Thought Leader” for a record 25 times by corporations like CRISIL India, Economic Times, CNBC TV18, ET Now etc.
Dr. Harshul is the Chairman of Statistics and Standards at CREDAI India and is part of the Special Projects team in the Managing Committee of CREDAI MCHI.
