FOUNDER

Loveneet Handa & Associates (LHA) is a Company Secretary firm established by " Mr. Loveneet Handa " having experience of more than 12 years in the field of secretarial, IBBI (Insolvency & Bankruptcy Board of India), Legal, Foreign Collaboration, Joint Ventures, Intellectual property Rights, Project Approvals, Project Financing and Liaisioning.The team of LHA is comprised of skilled and experienced professionals viz. Company Secretaries, Insolvency Professionals, Chartered Accountants, and LL.B. LHA offers a wide range of specialized, multidisciplinary professional services that is capable of meeting the immediate as well as long term needs of any business.

The firm provides advisory & compliance services in the field of Secretarial, Legal, Intellectual property Rights, Drafting & vetting of Legal Agreements, Liquidation matters, revival petitions, insolvency matters & petition, compliance(s) of Non-Banking Financing Companies, Foreign Investment Services, Taxation Services, Corporate Laws, Laws related to RBI, FEMA, incorporation of various entities such as Company (Public/ Private/ OPC), Limited Liability Partnership (LLP), Non Profit Organizations (Section 8 Companies) etc. and further actively involved in liasioning and representing before various regulatory authorities like Registrar of Companies (ROC), Regional Director (RD), National Company Appellate Tribunal Official Liquidator, Ministry of Corporate Affairs (MCA), Reserve Bank of India (RBI) and other government departments for getting approvals, registration, obtaining license and resolving various issues pertaining to Companies Act, IPR Laws, FEMA and Labour Laws. The aim of the firm to provide high quality services in order to add value to the business of each and every client irrespective of their size & location.

The expertise and core competence in various fields enables the achievement of total client satisfaction. At LHA, we focus on providing value added services aimed at creating a strong competitive advantage for our client in a rapidly changing market place.Mr. Loveneet Handa (founder of LHA and Associates), is a Company Secretary, Insolvency Professional and LL.B., having 14 years experience in Secretarial, IBBI (Insolvency & Bankruptcy Board of India), Legal, Foreign Collaboration, Intellectual property Rights, Liaisioning with various authorities. He possesses rich experience in providing strategic and operational support to start-ups and early stage ventures in developing the business ideas into operating business units and developments of ecosystem for them. He has expertise in direct and indirect taxation matters, RERA matters including registration & compliances thereof, GST and corporate compliances.

Editor's Note: The Code brings, for the first time in India, a regulated profession of insolvency practitioners. Such insolvency practitioner acts as resolution professional (RP) in corporate and non-corporate insolvency resolution, liquidator in case of corporate liquidation, and bankruptcy trustee in case of individual bankruptcy.

In corporate insolvency, the RP performs various functions, though under the control of the committee of creditors. The RP takes over the management of the business of the company, while the board of directors remains in suspended animation. The RP has to ensure that the business goes uninterrupted. One of the major tasks of the RP is to bring the creditors on table, and have a feasible resolution plan prepared and acceded to by everyone.

The RP acts as a catalyst in the entire negotiation process, even though several tasks are performed by various specialized agencies. The RP has to perform the tough task of balancing several objectives, even though working under very stringent timelines.

This article examines the role of IPs in the process of corporate insolvency resolution. While an insolvent company essentially comes under the creditors’ discretion, the IP becomes the nodal agency that brings the creditors together, ensures the going-concern nature of the insolvent during the resolution process, preserves assets and, where needed, enhances the value of assets by challenging questionable transfers of assets or creation of obligations, and above all, plays an enabling role in the framing of the resolution plan. While it may be intuitive to think of the IP as an agency imposed by some or other creditors, and therefore, have the upfront risk of being taken as anti-debtor, it is important to understand that the IP plays the significant role of cementing together the interests of the corporate debtor and the creditors.

Role of IPs: Historical Perspective

Laws pertaining to insolvency have, historically, in India as well as in the UK, been developed in context of individuals, and later extended to companies. US law, which developed largely out of the UK law, took a pro- reorganisation stance, and therefore, are known more because of the so-called Chapter 11 (in lines of which our own Sick Industrial Companies Act was drawn) rather than the liquidation provisions. Irrespective of the jurisdiction or the subject matter of the law, an insolvency resolution process has always needed an agency to execute the process, the primary difference being whether such agency was an officer of the court, or an appointee of the creditors:

Need for specialized insolvency professionals

The need of specialized professionals to conduct the resolution and liquidation processes has been emphasized unequivocally. The UNCITRAL Legislative Guide on Insolvency Law recognizes the role of an "insolvency representative" as follows:

However appointed, the insolvency representative plays a central role in the effective and efficient implementation of an insolvency law, with certain powers over debtors and their assets and a duty to protect those assets and their value, as well as the interests of creditors and employees, and to ensure that the law is applied effectively and impartially. Accordingly, it is essential that the insolvency representative be appropriately qualified and possess the knowledge, experience and personal qualities that will ensure not only the effective and efficient conduct of the proceedings and but also that there is confidence in the insolvency regime.

In "Orderly and Effective Insolvency Procedures" by International Monetary Fund, the role of a liquidator or an administrator has been appropriately described, however, with a suitable caution – "The liquidator and the administrator play a central role in the effective implementation of the law. Although their respective roles differ substantially, they are similar in one important respect. As court-appointed officials, they have an obligation to ensure that the law is applied effectively and impartially. Moreover, since they normally have the most information regarding the circumstances of the debtor, they are in the best position to make informed decisions. That does not mean, however, that they are a substitute for the court: due process requires that a dispute between the liquidator and an interested party be adjudicated by a court of competent jurisdiction. Even in countries where there are serious problems with the capacity of the judiciary, there is a limit to the amount of authority that the law can confer upon these officers."

The BLRC, the recommendations of which has led to the enactment of the Code, in its Final Report, emphasises the role of an insolvency professional as follows – "In an insolvency and bankruptcy resolution process driven by the law there are judicial decisions being taken by the adjudicator. But there are also checks and accounting as well as conduct of due process that are carried out by the IPs. Insolvency professionals form a crucial pillar upon which rests the effective, timely functioning as well as credibility of the entire edifice of the insolvency and bankruptcy resolution process.

Interim Resolution Professional(IRP): Our Team has qualified Insolvency Professionals who can act as Interim Resolution Professional ("IRP") of the Creditor or the Debtor ("Applicant/s") who have filed an application for initiating corporate insolvency resolution process under sec-7,9 and 10 of the Insolvency and Bankruptcy Code,2016.

Our Services

• Resolution Professional("RP"): We are qualified to be appointed by the Committee of Creditors ("COC") as the Resolution Professional ("RP") for any case admitted by NCLT for resolution under IBC ,2016.
• Insolvency Advice: We provide professional and impartial advice to Debtors and Creditors and their Lawyers, Accountants and Directors for the best course to be adopted for the resolution process in case of default by the Debtor.
• Representation in Committee of Creditors("CoC") - We can represent one or more creditors jointly or the corporate debtor in the CoC, to articulate their point of view and report the developments of the Resolution Process.
• Voluntary Liquidation of a Corporate Person: For any of the companies or corporate persons that intend to liquidate itself voluntarily, we can be appointed as the "Liquidator" under Sec. 59 of Chapter-V of the Code to carry out the Voluntary Liquidation of the Corporate Person under the conditions and procedures specified therein.
• Turnaround Finance: Sometimes, capital infusion can go a long way to resurrect the fortunes of a company. We can arrange funds for turnaround of companies through Strategic and Financial Investors.
• Restructuring Advisory: We advise companies on restructuring their business through closure of low-margin or loss making segments, selling non-core assets and expanding or restricting operations in certain areas.

Mr. LOVENEET HANDA (FCS, INSOLVENCY PROFESSIONAL, LLB, M.COM) IP REGISTRATION NO.-IBBI/IPA002 /N010408 /2020-2021/13386

Mr. Loveneet Handa is an FCS, INSOVENCY PROFESSIONAL, M. Com, LLB. He is founder proprietor of the firm "Loveneet Handa & Associates" (COMPANY SECRETARIES). He has working experience of more than 11 years in Secretarial, Legal, Foreign Collaboration, Joint Ventures, Intellectual property Rights, Project Approvals and Licensing, Project Financing and Liasioning Matters, IBBI (Insolvency & Bankruptcy Board of India), Drafting & vetting of Legal Agreements, Liquidation matters, revival petition insolvency matters & petition.

He has expertise in Non Banking Financing Companies, Foreign Investment Services, Taxation Services, Corporate Laws, Laws related to RBI, FEMA, IPR etc. He has vast experience of incorporation of various entities such as Company (Public/ Private/ OPC), Limited Liability Partnership (LLP), Non Profit Organizations (Section 8 Companies) etc. He is further actively involved in liasioning and representing before various regulatory authorities like Registrar of Companies (ROC), Regional Director (RD), National Company Law Tribunal (NCLT), Ministry of Corporate Affairs (MCA), Reserve Bank of India (RBI) and other government departments for getting approvals, registration, obtaining license and resolving various issues pertaining to Companies Act, IPR Laws, FEMA and Labour Laws.

DOMAIN EXPERTISE & PROFESSIONAL EXPERIENCE

Corporate Finance and Restructuring

• Initial Public Offering (IPO): IPO/FPO successfully completed and got the listing status for various companies.
• Mergers and Acquisitions: Evaluation of business opportunities and feasibility study. Involved in acquisition, turnaround, merger & amalgamation and takeover as per SEBI Takeover Code, 2011.
• Financial Modeling, Treasury and Forex management, Formation of overseas companies, Corporate governance, Ratings Liaising with the Government and other agencies for compliance, approvals, etc.
• Formation of budgets, business growth, Periodical business review and corrective actions. Fortification strategies for efficient use of resources, strategic think-tank for new initiatives and brand strategy.
• Analysis of standard costs, ratios and variances. Controllership & Corporate Accounting
• Liaising with internal, tax, transfer pricing and statutory audit, consultants and IT team.
• Investors’ relationship and liaising with financial market participants, Representing the company to investors and Q & A sessions with analysts / investors, Mapping of various research reports, Coordinating with MB, SE, SEBI, ROC, OTHER REGISTRARS, etc. Project Management
• Bidding and demonstrating financial / technical competence, Negotiations, tie-ups, monitoring milestones, Financial closure, tax planning, co-ordination and compliances. Direct & Indirect tax Planning & Management.
• Attending hearing and filings of taxation returns, assessments and claims for refund.
• Foreign remittances by availing benefit under Double Taxation Avoidance Treaties. Risk Management
• Evaluating product, people, plant, project and public liability insurance, managed claims settled and Framing Business Risk Management Policy. Legal, Secretarial and others
• Drafting and finalizing commercial contracts, briefing, coordinating with consultants, etc.
• Overseeing compliances and legal, court cases, secretarial, due diligence, etc.
• Availing benefits of government incentive schemes and coordinating with agencies, etc.