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Insolvency Advisory Services
For private circulation only Forensic
02
Insolvency Advisory Services
Insolvency Advisory Services
The Indian banking system is facing a
crisis in the form of burgeoning gross
non-performing assets (GNPA) which
account for ~14% in public sector bank
assets and 4% in private sector bank
assets, with a staggering 79% year on
year growth as of March 20161
. India
has been plagued with a multiplicity
of laws and regulations dealing
with insolvency and bankruptcy
proceedings2
that have made the
resolution process expensive and
time consuming—the average time
required to resolve an insolvency case
has been around 5 years, with an
average recovery rate of 26%. Contrast
this with high income countries in
the Organisation for Economic Co-
operation and Development (OECD),
with an average resolution time of
1.7 years and a recovery rate of 73%,
or with China, which has an average
resolution time of 1.7 years and a
recovery rate of 36.9%, indicating
that India is far behind the global
resolution time and recovery rate
averages.
In this context, the Insolvency and
Bankruptcy Code 2016 (‘IBC’ or ‘the
Code’) is set to be a game changer,
seeking to deal with insolvency and
liquidation proceedings in a time
bound and efficient manner in order to
maximize value of assets and enhance
investor confidence by providing
an efficient framework to deal with
business failures. Further, the Code
also brings about a paradigm shift from
a “Debtor in Possession” to a “Creditors
in Control” regime, with creditors
exercising timely control in the event of
a default in the repayment of any debt,
including interest.
Under the Code, the key driver of the
insolvency resolution process would
be insolvency professionals (IPs)
who would have a multifaceted role
and various responsibilities in the
proceedings.
Considering the fact that the IBC
contains provisions on avoidance
transactions, fraudulent or wrongful
trading, and protecting business
value during the insolvency period,
IPs would be expected to unearth and
report transactions of questionable
nature. Therefore, they have to
be equipped with forensic skills
or need support from an expert.
Deloitte’s Forensic practice in India
can assist insolvency and resolution
professionals (IRPs) in a variety
of ways to fulfill their statutory
obligations under the IBC.
1
 Source: ‘The Insolvency and Bankruptcy Code, 2016 – Game Changer’, published by the Confederation of Indian Industry, March 2017
2
 SARFAESI Act 2002, Recovery of Debts due to Banks and Financial Institutions Act 1993, The Provincial Insolvency Act 1920 and debt restructuring processes
such as CDR, SDR, S4A
What insolvency professionals should watch out for:
1 2
43
65
7
Unauthorized creation of
assets
Undervalued transactions
through related/other
entities
Circular transactions
Preferential transactions
with a group of creditors
and customers
Gold plating of projects
Transactions defrauding
creditors
Diversion or siphoning of
funds
03
Insolvency Advisory Services
How we can help
Forensic claims review and adjudication
(Section 18 and 35)
We can assist the resolution professional (RP)
with the claims review and adjudication process
using our proprietary forensic methodologies,
including but not limited to:
•	 Claims collation and administration process
•	 Forensic review of claims to determine
authenticity of proofs
•	 Assessing unliquidated claims or potential
damages
Liquidation analysis and support (Section 59)
Our forensic experts can help liquidators realize
maximum value
from the estate in various ways, including but not
limited to the following:
•	 Setting up a robust, compliant and monitored
liquidation process
•	 Review of financial and accounting records to
determine the appropriateness of complex
accounting adjustments impacting asset valuation
•	 Review of bidding process for transparent and
competitive evaluation to optimize liquidation
proceeds
•	 Monitoring fund distribution in compliance with the
Code
Asset tracing (Section 18)
We use a sophisticated array of tools and resources to
analyze financial systems and reconstruct records to
find where funds have been used to create undisclosed
assets. Our asset tracing exercise involves the following
elements:
•	 Verification of asset ownership either through
enquiries or documented evidence
•	 Family tree/layering of disclosed/undisclosed
entities and structures to understand potential
corporate ownership
•	 Proof of ultimate beneficial ownership trail, or
evidence that assets represent proceeds of a fraud
or other crime
Forensic review of specific transactions
(Preferential, Undervalued and Extortionate,
Fraudulent or Wrongful Trading)
Sections 43 to 51 and Section 66 of the Code stipulate
that RPs or liquidators have to file avoidance of
specified transactions with the adjudicating authority,
including transactions which are preferential,
undervalued and/or extortionate in nature, and
fraudulent or wrongful transactions carried out with an
intent to defraud creditors within a period of two years
preceding the insolvency commencement date.
We use forensic methodologies such as data analytics,
document review, market intelligence, etc., to help RPs
investigate such transactions—often hidden under
multiple complex layers—and conduct background
checks on the entities involved to help identify any
undisclosed relationship with the corporate debtor.
Assistance in ongoing monitoring of
operations (Section 18)
We can assist RPs with examination of ongoing
transactions during the insolvency resolution
period to identify potential indicators of
diversion, siphoning of funds, fraudulent or
wrongful transactions, or other such issues
which are improper in nature. Our proprietary
forensic tools can analyze voluminous
transactional data from multiple sources on a
periodic basis.
Due diligence on bidders
We can assist RPs and the Committee of
Creditors (COC) in conducting due diligence
with our extensive experience in assessing
and analyzing the reputation, integrity, and
ownership structures of companies, their
principal shareholders and management
through our business intelligence capabilities.
Using both publically available information
and a network of external resources, we
identify background information on track
record, financial capability, reputation,
opaque corporate structure, undisclosed
hidden relationship with corporate debtor, tax
evasion, default on obligations and other such
reputation concerns.
Compliance and monitoring of insolvency
resolution plan
We can assist RPs or the National Company
Law
Tribunal (NCLT) as an independent expert
with monitoring of compliance with the
agreed resolution plan in the following ways:
•	 Monitoring business transactions and
payments to determine end use of funds in
order to identify any potential diversion or
siphoning of funds during implementation of
resolution plan
•	 Reviewing whether terms of the agreed
resolution plan have been complied with by
relevant stakeholders
Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company
limited by guarantee (“DTTL”), its network of member firms, and their related entities.
DTTL and each of its member firms are legally separate and independent entities. DTTL
(also referred to as “Deloitte Global”) does not provide services to clients. Please see www.
deloitte.com/about for a more detailed description of DTTL and its member firms.
This material is prepared by Deloitte Touche Tohmatsu India LLP (DTTILLP). This material
(including any information contained in it) is intended to provide general information on a
particular subject(s) and is not an exhaustive treatment of such subject(s) or a substitute
to obtaining professional services or advice. This material may contain information
sourced from publicly available information or other third party sources. DTTILLP does
not independently verify any such sources and is not responsible for any loss whatsoever
caused due to reliance placed on information sourced from such sources. None of DTTILLP,
Deloitte Touche Tohmatsu Limited, its member firms, or their related entities (collectively,
the “Deloitte Network”) is, by means of this material, rendering any kind of investment, legal
or other professional advice or services. You should seek specific advice of the relevant
professional(s) for these kind of services. This material or information is not intended to
be relied upon as the sole basis for any decision which may affect you or your business.
Before making any decision or taking any action that might affect your personal finances or
business, you should consult a qualified professional adviser.
No entity in the Deloitte Network shall be responsible for any loss whatsoever sustained by
any person or entity by reason of access to, use of or reliance on, this material. By using this
material or any information contained in it, the user accepts this entire notice and terms of
use.
© 2019 Deloitte Touche Tohmatsu India LLP. Member of Deloitte Touche Tohmatsu Limited
Contact us
Nikhil Bedi
Partner | Leader – Forensic
Financial Advisory
Deloitte India
T: +91 22 6185 5130
E-mail: nikhilbedi@deloitte.com
Sumit Makhija
Partner - Forensic
Financial Advisory
Deloitte India
Tel: +91 124 669 5007
Email: sumitmakhija@deloitte.com
K.V. Karthik
Partner – Forensic
Financial Advisory
Deloitte India
Tel: +91 22 6185 5212
Email: kvkarthik@deloitte.com
Rohit Goel
Partner – Forensic
Financial Advisory
Deloitte India
Tel: +91 79 6682 7370
Email: rogoel@deloitte.com

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Insolvency Advisory Services

  • 1. Insolvency Advisory Services For private circulation only Forensic
  • 2. 02 Insolvency Advisory Services Insolvency Advisory Services The Indian banking system is facing a crisis in the form of burgeoning gross non-performing assets (GNPA) which account for ~14% in public sector bank assets and 4% in private sector bank assets, with a staggering 79% year on year growth as of March 20161 . India has been plagued with a multiplicity of laws and regulations dealing with insolvency and bankruptcy proceedings2 that have made the resolution process expensive and time consuming—the average time required to resolve an insolvency case has been around 5 years, with an average recovery rate of 26%. Contrast this with high income countries in the Organisation for Economic Co- operation and Development (OECD), with an average resolution time of 1.7 years and a recovery rate of 73%, or with China, which has an average resolution time of 1.7 years and a recovery rate of 36.9%, indicating that India is far behind the global resolution time and recovery rate averages. In this context, the Insolvency and Bankruptcy Code 2016 (‘IBC’ or ‘the Code’) is set to be a game changer, seeking to deal with insolvency and liquidation proceedings in a time bound and efficient manner in order to maximize value of assets and enhance investor confidence by providing an efficient framework to deal with business failures. Further, the Code also brings about a paradigm shift from a “Debtor in Possession” to a “Creditors in Control” regime, with creditors exercising timely control in the event of a default in the repayment of any debt, including interest. Under the Code, the key driver of the insolvency resolution process would be insolvency professionals (IPs) who would have a multifaceted role and various responsibilities in the proceedings. Considering the fact that the IBC contains provisions on avoidance transactions, fraudulent or wrongful trading, and protecting business value during the insolvency period, IPs would be expected to unearth and report transactions of questionable nature. Therefore, they have to be equipped with forensic skills or need support from an expert. Deloitte’s Forensic practice in India can assist insolvency and resolution professionals (IRPs) in a variety of ways to fulfill their statutory obligations under the IBC. 1  Source: ‘The Insolvency and Bankruptcy Code, 2016 – Game Changer’, published by the Confederation of Indian Industry, March 2017 2  SARFAESI Act 2002, Recovery of Debts due to Banks and Financial Institutions Act 1993, The Provincial Insolvency Act 1920 and debt restructuring processes such as CDR, SDR, S4A What insolvency professionals should watch out for: 1 2 43 65 7 Unauthorized creation of assets Undervalued transactions through related/other entities Circular transactions Preferential transactions with a group of creditors and customers Gold plating of projects Transactions defrauding creditors Diversion or siphoning of funds
  • 3. 03 Insolvency Advisory Services How we can help Forensic claims review and adjudication (Section 18 and 35) We can assist the resolution professional (RP) with the claims review and adjudication process using our proprietary forensic methodologies, including but not limited to: • Claims collation and administration process • Forensic review of claims to determine authenticity of proofs • Assessing unliquidated claims or potential damages Liquidation analysis and support (Section 59) Our forensic experts can help liquidators realize maximum value from the estate in various ways, including but not limited to the following: • Setting up a robust, compliant and monitored liquidation process • Review of financial and accounting records to determine the appropriateness of complex accounting adjustments impacting asset valuation • Review of bidding process for transparent and competitive evaluation to optimize liquidation proceeds • Monitoring fund distribution in compliance with the Code Asset tracing (Section 18) We use a sophisticated array of tools and resources to analyze financial systems and reconstruct records to find where funds have been used to create undisclosed assets. Our asset tracing exercise involves the following elements: • Verification of asset ownership either through enquiries or documented evidence • Family tree/layering of disclosed/undisclosed entities and structures to understand potential corporate ownership • Proof of ultimate beneficial ownership trail, or evidence that assets represent proceeds of a fraud or other crime Forensic review of specific transactions (Preferential, Undervalued and Extortionate, Fraudulent or Wrongful Trading) Sections 43 to 51 and Section 66 of the Code stipulate that RPs or liquidators have to file avoidance of specified transactions with the adjudicating authority, including transactions which are preferential, undervalued and/or extortionate in nature, and fraudulent or wrongful transactions carried out with an intent to defraud creditors within a period of two years preceding the insolvency commencement date. We use forensic methodologies such as data analytics, document review, market intelligence, etc., to help RPs investigate such transactions—often hidden under multiple complex layers—and conduct background checks on the entities involved to help identify any undisclosed relationship with the corporate debtor. Assistance in ongoing monitoring of operations (Section 18) We can assist RPs with examination of ongoing transactions during the insolvency resolution period to identify potential indicators of diversion, siphoning of funds, fraudulent or wrongful transactions, or other such issues which are improper in nature. Our proprietary forensic tools can analyze voluminous transactional data from multiple sources on a periodic basis. Due diligence on bidders We can assist RPs and the Committee of Creditors (COC) in conducting due diligence with our extensive experience in assessing and analyzing the reputation, integrity, and ownership structures of companies, their principal shareholders and management through our business intelligence capabilities. Using both publically available information and a network of external resources, we identify background information on track record, financial capability, reputation, opaque corporate structure, undisclosed hidden relationship with corporate debtor, tax evasion, default on obligations and other such reputation concerns. Compliance and monitoring of insolvency resolution plan We can assist RPs or the National Company Law Tribunal (NCLT) as an independent expert with monitoring of compliance with the agreed resolution plan in the following ways: • Monitoring business transactions and payments to determine end use of funds in order to identify any potential diversion or siphoning of funds during implementation of resolution plan • Reviewing whether terms of the agreed resolution plan have been complied with by relevant stakeholders
  • 4. Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee (“DTTL”), its network of member firms, and their related entities. DTTL and each of its member firms are legally separate and independent entities. DTTL (also referred to as “Deloitte Global”) does not provide services to clients. Please see www. deloitte.com/about for a more detailed description of DTTL and its member firms. This material is prepared by Deloitte Touche Tohmatsu India LLP (DTTILLP). This material (including any information contained in it) is intended to provide general information on a particular subject(s) and is not an exhaustive treatment of such subject(s) or a substitute to obtaining professional services or advice. This material may contain information sourced from publicly available information or other third party sources. DTTILLP does not independently verify any such sources and is not responsible for any loss whatsoever caused due to reliance placed on information sourced from such sources. None of DTTILLP, Deloitte Touche Tohmatsu Limited, its member firms, or their related entities (collectively, the “Deloitte Network”) is, by means of this material, rendering any kind of investment, legal or other professional advice or services. You should seek specific advice of the relevant professional(s) for these kind of services. This material or information is not intended to be relied upon as the sole basis for any decision which may affect you or your business. Before making any decision or taking any action that might affect your personal finances or business, you should consult a qualified professional adviser. No entity in the Deloitte Network shall be responsible for any loss whatsoever sustained by any person or entity by reason of access to, use of or reliance on, this material. By using this material or any information contained in it, the user accepts this entire notice and terms of use. © 2019 Deloitte Touche Tohmatsu India LLP. Member of Deloitte Touche Tohmatsu Limited Contact us Nikhil Bedi Partner | Leader – Forensic Financial Advisory Deloitte India T: +91 22 6185 5130 E-mail: nikhilbedi@deloitte.com Sumit Makhija Partner - Forensic Financial Advisory Deloitte India Tel: +91 124 669 5007 Email: sumitmakhija@deloitte.com K.V. Karthik Partner – Forensic Financial Advisory Deloitte India Tel: +91 22 6185 5212 Email: kvkarthik@deloitte.com Rohit Goel Partner – Forensic Financial Advisory Deloitte India Tel: +91 79 6682 7370 Email: rogoel@deloitte.com