LegalPay offers a tailor-made solution under the Insolvency and Bankruptcy Code, 2016 and provides seamless procedure throughout the Corporate Insolvency Resolution process for the resolution professionals and other stakeholders. Legalpay serves as a facilitator in the entire insolvency system, providing seamless solutions and constant support to all stakeholders during the insolvency process
Legalpay provides quick disbursals and no prepayment charges with its Interim finance product. LegalPay helps in carrying out the Insolvency Process in an efficient and time-bound manner by providing funds required by the resolution professional to run the Corporate Insolvency Resolution Process smoothly.
LegalPay also offers the assignment of Not Readily Realizable Assets (“NRRAs”) during the liquidation process. The presence of substantial NRRA in liquidation estate creates a situation of stalemate as the realizable amount remains, at best, a guesstimate. Legalpay helps in the successful management and timebound realization of these NRRAs to complete the liquidation process at the earliest.
As the main objective of IBC for the introduction of the Corporate Insolvency Resolution Process was to revive the Corporate Debtor through various recovery techniques and procedures. A Company undergoing Corporate Insolvency Resolution Process may have outstanding unrecovered debts, the recovery of which will be helpful for the Corporate Debtor, and prevent the Corporate Debtor from being pushed into liquidation.