Insolvency Professional Entity
Our country has been suffering from lowest recovery rate in the world at about 20% of debt resulting in huge accumulation of NPAs caused due to various reasons attributed to debtors or creditors. It could be due to genuine business failure or the wilful default by the borrowers or sudden down turn in industry or economy. On 28th May 2016, the Insolvency and Bankruptcy Code (IBC 2016) was enacted to provide the legal and legislative framework to support lenders effectively to recover or restructure defaulted debts in time. The Code became operational in December 2016.
The code replaces various previous multiple legislations and provides the appropriate platform for Insolvency Resolution within maximum 270 days from the date of admission failing which the liquidation of Debtors’ Assets will be initiated. It envisages an ecosystem comprising of National Company Law Appellate Tribunal (NCLAT), National Company Law Tribunal (NCLT), Debt Recovery Appellate Tribunal (DRAT), Debt Recovery Tribunal (DRT), Insolvency and Bankruptcy Board of India (Board), Information Utilities (IUs), Insolvency Professionals Agencies (IPAs), Insolvency Professionals (IPs) and Insolvency Professional Entities (IPEs) for implementation of the code. The code is now fully operational and a number of long pending litigations relating to corporate insolvency resolution and liquidation are getting settled fast.
In the whole process, Insolvency Professionals (IPs), who act as Interim Resolution Professional (IRP) and / or Resolution Professional (RPs) play a pivotal role. The IPs are registered and regulated by the Board. Through the institution of IPE, the IPs have been enabled to engage other professionals as may be necessary and to use organisational resources of an IPE for servicing the transactions.
LSI Resolution (P) Ltd., will be a vibrant player in this new emerging Insolvency Resolution regime as an IPE by making available the services of Insolvency Resolution Professionals and other professionals like Chartered Accountants, Cost Accountants, Advocates, Valuers, Engineers, Project consultants, Security personnel under one roof and also has infrastructural and manpower strength. This Company will receive continuous valuable guidance from Banking and Industry stalwarts like former Chairman, Managing Director and CEOs of State Bank of India, Coal India Ltd, SAIL, ICICI Securities and Power Grid Corporation of India Ltd. We strongly believe that this Company, with the patronage and support of all concerned, will grow into a prominent resolution company of the country in the years to come.
Our Advisory Panel consists of Eminent Former Top / Senior Bankers, Industry Veterans and Financial Experts:
He was a former Chairman of the State Bank of India and prior to that he was the Deputy Managing Director of the International Division of SBI. He has 38 years of experience in the Banking sector. Currently, he is serving as an Independent Director for several companies.
He was the former Chairman of Coal India Ltd. and MT. He also served as the Managing Director at Haldia Petrochem and Deepak Fertilisers & Petrochemicals Corporation as a Whole Time Executive Director. He is currently on the Board of several companies as Non-Executive Director or Independent Director.
He was the former Managing Director, Haldia Petrochemicals Ltd. and the former Additional Chief Secretary, Department of Transport, Govt. of West Bengal.
He was the former Chief Operations officer at ICICI Securities Ltd. and the President for Shalimar Wires Industries Ltd. He is also a member of The Institute of Engineering (India) and The Institute of Valuers (India).
He has worked for more than 40 years in different capacities in Public Sector Steel Plants. He has held the position of a Managing Director at SAIL, Bokaro Steel Plant and an Independent Director at Hindustan Copper Ltd., under the Ministry of Mines.
He is an Insolvency Professional and is the former General Manager at the State Bank of India He has 35 years of experience in banking, especially in handling of Restructuring Cases.
He is a Cost Accountant and also an Insolvency Professional. He has had 20 years of experience in DVC in the Commercial Wing. He is a Chairman of EIRC, The Institute of Cost Accountants of India.
He is a Practicing Chartered Accountant and has more than 25 years of experience in the field of Accounts, Finance, Banking, Auditing and Legal Framework.