The Insolvency and Bankruptcy Code, 2016 (IBC) is a comprehensive legislation that streamlines the process of insolvency resolution for companies, partnerships, and individuals. This unified code was introduced to ensure a timely resolution of financial distress, aiming to maximize the value of debtor assets and balance the interests of all stakeholders. The Code marks a major reform, focusing on a creditor-driven resolution process and early identification of financial failures.

The IBC provides a formal mechanism under judicial oversight or through a liquidator to resolve insolvency, allowing debtors to discharge their liabilities while ensuring creditor protection.

At our firm, we provide comprehensive legal solutions under the IBC, ensuring our clients are advised and represented with precision and strategic insight throughout every stage of the insolvency process.

Initiation Process:

An operational creditor may issue a demand notice under Section 8 of the IBC on default. If the corporate debtor fails to:

• pay the outstanding amount,

• communicate the existence of a dispute,

• or provide proof of repayment,

within 10 days, the operational creditor may apply to the National Company Law Tribunal (NCLT) under Section 9 to initiate the insolvency process. The application must be complete and accompanied by supporting documents, including a proposed interim resolution professional.

The NCLT may admit or reject the application within 14 days, based on statutory conditions, such as:

• completeness of application,

• absence of repayment or dispute,

• and whether disciplinary proceedings are pending against the proposed resolution professional.

Who Cannot File an Application:

• A corporate debtor already undergoing CIRP.

• A corporate debtor who completed CIRP within the last 12 months.

• A debtor/creditor violating terms of an approved resolution plan within 12 months.

• A corporate debtor against whom a liquidation order has been passed.

Timelines for CIRP:

As per Section 12 of the IBC:

• The CIRP must be completed within 180 days from the date of admission.

• This may be extended by up to 90 additional days, upon approval by 75% of the creditors and satisfaction of the NCLT.

Upon admission of the application, the NCLT shall:

• Declare a moratorium (Section 14),

• Make a public announcement (Section 15),

• Appoint an interim resolution professional (Section 16).

Our IBC-Related Legal Services:

We have a dedicated and experienced team specializing in Insolvency and Bankruptcy Law, regularly practicing before the NCLT and Insolvency and Bankruptcy Board of India (IBBI). We assist our clients at every stage of the insolvency process, offering end-to-end support. Our services including:

⚖️ Advisory & Legal Strategy

• Pre-insolvency risk assessment and legal strategy for creditors and debtors.

• Legal opinion on eligibility, default, dispute, limitation, and procedural compliance under IBC.

• Advisory on avoidance transactions (preferential, undervalued, fraudulent, and extortionate credit transactions).

📩 Initiation of Insolvency Proceedings

• Drafting and issuance of Demand Notice under Section 8 for operational creditors.

• Filing of applications before NCLT under:

  • Section 7 – by Financial Creditors.

  • Section 9 – by Operational Creditors.

  • Section 10 – by Corporate Debtors.

• Filing of applications under Section 95–100 against Personal Guarantors to corporate debtors.

👨‍⚖️ Representation Before Authorities

• Representation before:

  • NCLT (all benches) for CIRP, liquidation, personal insolvency, and miscellaneous applications.

  • NCLAT for appeals against NCLT orders.

  • High Courts & Supreme Court in connected IBC matters and writ petitions.

  • IBBI in regulatory and disciplinary proceedings.

👥 Committee of Creditors (CoC) Support

• Legal support for forming and advising the CoC.

• Analysis and vetting of Resolution Plans.

• Voting process management and resolution approval procedures.

📋 Resolution & Liquidation Process Assistance

• Assisting Resolution Professionals (RP/IRP) in legal compliances and filings.

• Advisory and representation during Liquidation Proceedings.

• Filing and defending claims, applications for recovery of dues, and objections in CIRP.

🧾 Other IBC-Related Legal Services

• • Filing applications for:

    • Extension of CIRP period under Section 12.

    • Replacement or appointment of Resolution Professionals.

    • Approval of Resolution Plan before NCLT.

  • Advising directors and promoters on liability during moratorium and insolvency.

  • Support in handling fraudulent transactions and forensic audit responses.

  • Cross-border insolvency advisory (under UNCITRAL framework, if applicable).

Why Choose Us?

• ✅ Proven track record in high-stakes insolvency litigation.

• ✅ In-depth knowledge of IBC rules, circulars, and amendments.

• ✅ Strategic advisory tailored to business realities.

• ✅ Transparent, responsive, and results-focused service delivery.