Sick Industrial Companies (Special Provisions) Act, 1985 (‘SICA’) has been repealed w. e. f. 01-12-2016, hence the protection available u/s 22(1) of SICA has also ceased from 01-12-2016. However, sick companies (whose reference has been abated) have been allowed 180 days time to make fresh reference before National Company Law Tribunal (‘NCLT’) under the recently notified 'Insolvency and Bankruptcy Code, 2016' (‘Code’) & Regulations issued thereunder without payment of any fee. NCLT has powers under Sec 14 of the Code to declare moratorium for prohibiting: (i) Institution and Continuation of Suits (ii) Transfer of Assets / Legal Rights (iii) Any action under SARFAESI Act and (iv) Recovery of Property by Owner or Lessor from Corporate Debtor. Besides an expert Resolution Professional of borrower’s choice can be appointed by NCLT to resolve imminent debt and achieve amicable resolution w
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Director's Personal Guarantee has multi-disciplinary research team which keeps a keen eye over the developments in complex and rapidly changing business and legal environments which results into litigations. Our team has extensive experience in advising litigation aspects across topics and industries. This enables us to offer a wide range of counselling related to compliance, regulatory hearing, investigations, public policy and the entire range of legal issues.
Providing expert consultancy, giving opinions and drafting pleadings, in the domain of Arbitration and Conciliation Act, 1996, Indian Contract Act,1872, Recovery of Debts Due to Banks and Financial Institutions Act, 1993, Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 and on the fundamental principles of Company Law. Already drafted numerous Counter Claims claiming loss and damages amounting to Crores of Rupees (suffered by the companies in trouble) under the Law of Torts against the Banks and Financial Institutions for filing before Debts Recovery Tribunals (DRT), Debts Recovery Appellate Tribunals (DRAT) and/or Civil Courts, High Courts and Supreme Court of India. Possess expert knowledge of law in handling the prosecution of claims and/or defence in Arbitration Proceedings and also providing consultancy for execution of award and/or setting aside the award before Civil Courts, High Courts and the Supreme Court of India.