The finance and accounting processes of businesses are getting complex and challenging with more and more regulatory pronouncements and standards coming into effect. Corporates are outsourcing various finance and accounting processes with a view to streamline respective processes and obtain consistency, uniformity and stronger controls.
We at Nirbhaya's offer accounting and related processes services to clients who either do not wish to create their own capabilities or are looking for competitive and professional solutions to their accounting and related processes. A large number of HNIs/Business entities prefer to outsource various accounting and related processes in order to save on costs and the avoid taking responsibility of engaging multi level full time finance and accounting professionals. Our approach to outsourced assignments involves gaining a complete understanding of clients requirements which forms the bedrock of assignment implementation plan, designing process plan, assessing resource requirements, deploying adequate resources, performing the desired functions, constant monitoring by Team leaders, generating client deliverables and timely client reporting. All engagements are lead by a Partner to ensure quality assurance.
Over the years of experiences we completely conducted many assignments for Transaction Audits of various Corporate Debtors under The Insolvency & Bankruptcy Code, 2016 (IBC).
We are empanelled with Indian Bankers Association and various banks for Forensic Audits and Transaction Review. We have done investigations on behalf of Investors, Lender and other Creditors. We have handful exposure of team for Forensic and Investigation. Over the years of experiences we completely conducted many assignments for Forensic Audits in the field of Education, Real Estate, Auto Mobiles, and Manufacturing etc.
CIRP Advisory Services to IRP/RP/Liquidator & Voluntary Liquidation Advisory
NIRBHAYA & ASSOCIATES is providing various support services to IP's who have been appointed as Interim Resolution Professional or Resolution Professional in the Corporate Insolvency Resolution Process of any Corporate Debtor. Following support services are extended by different teams of NIRBHAYA & ASSOCIATES for efficient handling of Corporate Insolvency Resolution Process: â€“
Claim Verification Team
All the above jobs are also done for liquidation process for the IP's who is appointed as liquidator in any matter. Similar services would also be provided in the case of Insolvency Resolution Process and Bankruptcy Process of Individuals, Proprietorship Concerns and Partnership Firms.
Front End Team for Taking Over Control and Custody of Corporate Debtor
Nirbhaya & Associates has a very large team of human resources, who are trained and experienced for taking over physical and virtual control over the operations and assets of the Corporate Debtor from the existing Key Managerial Personnel (KMPs) and to maintain its control over the operations of Corporate Debtor and to protect the assets and businesses of the Corporate Debtor. Following is the process followed by the team for effective and timely control over the Corporate Debtor: â€“
All the above jobs are also done for the IP's who appointed as liquidator in any matter. Similar services would also be provided in the case of Insolvency Resolution Process and Bankruptcy Process of Individuals, Proprietorship Concerns and Partnership Firms.
Corporate Insolvency Resolution Process Team
NIRBHAYA & ASSOCIATES has developed a large team responsible for conducting various functions of Corporate Insolvency Resolution Process. The team consists of law graduates, company secretaries, cost accountants, experienced commerce graduates, chartered accountants, experienced accountants, computer operators, etc. and provide full support to IP's. The following are the key jobs under this team: â€“
Similar services would also be provided in the case of Insolvency Resolution Process of Individuals, Proprietorship Concerns and Partnership Firms.
NIRBHAYA & ASSOCIATES provides to IP's complete legal support for day to day guidance and for an understanding of various legal documents received by partners along with the claims and other documents sourced from Corporate Debtor. The legal team also support the partners of Insolvency Professional Entity for various provisions of Code and regulations made for Corporate Insolvency Resolution Process and liquidation processes. Followings are the key supports provided by legal team to IP's: -
All the above jobs are also done during the liquidation process for the Insolvency Professionals who are appointed as liquidator. Similar services would also be provided in the case of Insolvency Resolution Process and Bankruptcy Process of Individuals, Proprietorship Concerns and Partnership Firms.
NIRBHAYA & ASSOCIATES has developed a team and have trained them for various finance and accounts related jobs during CIRP and Liquidation Process for the purpose of providing support to IP's. Following are some of the jobs which can be highlighted for this team: â€“
The success of Insolvency Professionals during CIRP lies in resolving the case by finding a successful Resolution Applicant who could offer optimum value to stakeholders and would keep the Corporate Debtor as a going concern, thus providing much-wanted relief to workmen, employees, and other stakeholders. NIRBHAYA & ASSOCIATES has developed a separate team for this role and has trained them for following key deliverables for Insolvency Professionals: -
IP's are being appointed as liquidator during Liquidation Process and Voluntary Liquidation Process and would also be appointed as Bankruptcy Trustee after the provisions of Individual bankruptcy are notified. NIRBHAYA & ASSOCIATES has separated the function of Liquidation Process and have trained a separate batch of human resources for the handling of Liquidation Process. Following are the key responsibilities of the Liquidation Process team: â€“
Similar services would also be provided in the case of Bankruptcy Process of Individuals, Proprietorship Concerns and Partnership Firms.
Liquidation Process is all about selling the assets of the Corporate Debtor and distributing the sale proceeds to stakeholders. The liquidator, in the normal course, gets better remuneration if the assets are sold in the first six months and his remuneration diminishes on every sale after the first six months. Therefore, NIRBHAYA & ASSOCIATES has made special arrangements for efficient and faster sale of assets of Corporate Debtor during the Liquidation Process. Following are the key deliverables of the Asset Sale team to IPâ€™s: â€“
There are situations during the CIRP and Liquidation Process that Insolvency Professionals would urgently require human resources to be posted at Corporate Debtorâ€™s business. NIRBHAYA & ASSOCIATES has developed full-fledged department for recruitment and appraisal of human resources with a large database of industry experts and retired bankers who can be posted to monitor cash flow at Corporate Debtor
NIRBHAYA & ASSOCIATES has an in-house IT department responsible for hardware and software maintenance. The team is also responsible for uploading various documents on the IBBI website and on the website of Corporate Debtor.
NIRBHAYA & ASSOCIATES has made in-house arrangements for state-of-the-art video conferencing capable of having a video conference call with more than 10 participants and also share files on the screen simultaneously. It has also made in-house arrangements for video recording of proceedings of any meeting of Committee of Creditors or Stakeholders. All these support services are available for partners of Insolvency Professional Entity.