Areas of Expertise

With prowess in multiple fields, we understand the complex workings of the law and handle them with
a difference. We believe in customised solutions that address our client’s legal
needs effectively. From courtroom litigation to boardroom negotiations,
you’ll definitely want INDIALAW on your side of the table.

Insolvency And Bankruptcy Laws

With the passing of the Insolvency and Bankruptcy Code 2016 (Code), our country moved to a new regime of liquidation process. We are well-experienced with the legal protocol, with services that include:

The year of 2016 witnessed a paradigm shift in the insolvency and restructuring regime in India with the enactment of Insolvency and Bankruptcy Code, 2016 (IBC). IBC has been enacted to tackle the growing non-performing assets of Indian banking sector. The law evolved quite rapidly, and the changes brought by IBC on the Indian financial sector are unparalleled.

IndiaLaw LLP is a pioneering law firm in the filed IBC. We are involved in landmark cases and high-profile resolution, most of which are instrumental in rapid evolution of IBC jurisprudence in India.

Insolvency & Bankruptcy Law firm

Our insolvency practice covers the whole spectrum of insolvency and resolution such as initiation of insolvency proceeding; filing of claims; handling of insolvency litigations before National Company Law Tribunals (NCLT), National Company Law Appellate Tribunal (NCLAT) and Supreme Court of India. We handled high stake IBC matters before NCLT benches at Delhi, Mumbai, Kolkata, Chennai, Bengaluru, Hyderabad, Allahabad, Ahmedabad, Jaipur and Chandigarh. We are also involved in landmark IBC litigations before NCLAT.

We are adept in advising on complex resolution process; assisting Committee of Creditors (CoC), resolution professionals, liquidator, corporate debtor and resolution applicant during the Corporate Insolvency Resolution Process (CIRP) and/or liquidation process; drafting and review of resolution plans; Section 29 A due diligence, advising on implementation of resolution plan, etc. We represent all stakeholders in the insolvency process such as financial creditors, corporate debtor, resolution professional, committee of creditors, claimants, resolution applicants, liquidator, promoter, guarantor etc.

Insolvency & Bankruptcy Law:

  1. Requires navigation through, and compliance of complex procedures within the IBC, 2016, Regulations thereof and intertwining of central and special enactments on account of the legislation being relatively new.
  2. Adherence to strict timelines, formats and stipulations backed by legal expertise is essential to avoid adverse consequences in several scenarios including the stages of issuance of Demand Notices on behalf of Financial/Operational Creditors, drafting and filing of Petitions before the National Company Law Tribunal and appellate forums, filing proof of claim during Corporate Insolvency Resolution Process, Liquidation Process etc.
  3. Niche practice area involving technicalities, legal jargons,and regular updation in the knowledge of precedents and jurisprudence for effective representation before Tribunals and Courts.
  4. Expert opinions on complex commercial and legal issues that are imperative in providing the appropriate assistance for effective deliberations in meeting of the Committee of Creditors, Stakeholders’ Consultation Committees, Joint Lenders’ Meetings, and in multi-party Negotiations.

Types of cases or legal matters handled

Regular representation before Tribunals and Court for a diverse range of individual and corporate clients including Public and Private sector Banks, NBFCS, Insolvency Professionals, Resolution Applicants, Liquidators, Home-buyers, Operational Creditors and Corporate Debtors..

Experience in handling transactions relating to numerous arenas and sectors including Aviation, Real Estate, Hospitality, Infrastructure and Development, Import-Export, Steel Manufacturing and Trading, Pharmaceuticals, Power Generation, Mining and Dredging.

Unique aspects or specialities offered

  • Drafting, filing and timely listing of Applications in a time-bound manner.
  • Pan India presence with a network of local associates in major cities facilitating effective client liaison and service.
  • Dedicated Client Service Team and a Customized Portal providing clients with ready access to case information for convenience, in addition to timely E-mail updates of court-proceedings;

Services Offered:

Insolvency & Bankruptcy Law:

  • Issuance of Demand Notice under IBC, 2016.
  • Drafting and filing of Petitions and interim applications seeking relief against Corporate Debtors, Corporate/Personal Guarantors etc.
  • Representation before National Company Law Tribunal and appellate forums.
  • Legal assistance in stages of initiation of insolvency proceedings, retainership during insolvency resolution process and liquidation proceedings.
  • Advisory on debt restructuring and resolution strategies.
  • Representingclientsin CoC and multi-party negotiations.
  • Advising on resolution strategies
  • Drafting/review of Resolution Plans
  • Section 29 A due diligence
  • Liquidation advisory
  • Sale as a going concern advisory during liquidation
  • Advising on pre-packed insolvency

Expertise and Experience

Our team possesses extensive expertise and experience in the practice area oInsolvency practice. We have successfully represented a wide range of clients in various fields.

Noteworthy cases and timely results demonstrate our credibility, knowledge and client-centric approach in this practice area. We are involved in the majority of accounts referred to IBC Proceeding by RBI. We have set landmark precedents while representing clients before Tribunals and Courts in high-stake matters involving renowned entities and groups such as Jet Airways, Binani Cements, Orchid Pharma, Sterling Group, Vindhyavasini Group, Future Group, Visa Steel etc.

Our practice heads and team are certified professionalswho have received nation-wide recognition for their valuable contribution in the field.

Our Approach:

We follow a client-centric approach in handling matters and provide comprehensive and personalized legal solutions to our clients based on end-goal of the client. We believe that every client is unique and every matter is different hence, we prioritize understanding our clients’ goals, assessing the circumstances peculiar to the matter, and devising tailored strategies to achieve favorable outcomes. We are committed to delivering results in a timely manner.

Frequently Asked Questions (FAQs):

What is the Insolvency and Bankruptcy Code (IBC)?

The Insolvency and Bankruptcy Code (IBC) is a legislation that was enforced in 2016 to deal with insolvency and bankruptcy of corporates and individuals. The intention of the legislature in the IBC is rehabilitative in nature, where the prime goal is revival of stressed companies/corporates with a view to turn around the same in a time bound manner so as to ensure effective resolution for the benefit of the stakeholders of the entity. The IBC jurisprudence condemns using provisions of the IBC for recovery/settlement.

Who can initiate insolvency proceedings under the IBC?

A Financial creditor or an Operational creditor or a Corporate Debtor itself can initiate proceedings under the IBC.

What is the role of the Insolvency and Bankruptcy Board of India (IBBI)?

The Insolvency and Bankruptcy Board of India (IBBI) is the regulator governing and overseeing implementation of the IBC. It monitors and regulates insolvency professionals, insolvency professional agencies, and information utilities registered with it.

Who is the Adjudicating Authority under the IBC?

An Application for initiation of insolvency resolution process shall be filed with the National Company Law Tribunal (NCLT) having jurisdiction. An appeal against the order of the NCLT shall be preferred with the National Company Law Appellate Tribunal (NCLAT). Further, a person aggrieved by an Order of the NCLAT shall approach the Supreme Court of India.

What is the role of the Insolvency Professional (IP)?

An Insolvency Professional is a person responsible for overseeing the affairs of the Corporate Debtor during the insolvency resolution process. He/she also handles the liquidation process in the event liquidation orders are passed. An insolvency professional maybe suggested by the party filing the Application or maybe appointed by the Adjudicating Authority from IBBI’s panel of insolvency professionals. Insolvency professionals act in the following capacities under the IBC: Interim Resolution Professional, Resolution Professional and Liquidator.

What are the different stages of the insolvency resolution process under the IBC?

The insolvency resolution process under the IBC consists of several stages as follows:
·         Filing of an Application with NCLT
·         Admission of the Application and Moratorium
·         Appointment of IRP
·         Constitution of Committee of Creditors (CoC)
·         Approval of Resolution Plan by the CoC
·         Approval of Resolution Plan by the NCLT
·         Implementation of Resolution Plan
·         Liquidation Process if no resolution plan received
·         Dissolution

What is a resolution plan?

A resolution plan is a proposal submitted by a potential resolution applicant with a view to revive the Corporate Debtor. It shall provide for compromise/repayment of creditors including workmen and statutory dues, restructuring of debt, etc. The proposed Resolution Plan shall be approved by the CoC and thereafter by the NCLT.

What happens if a resolution plan is not approved?

If no Resolution Plan is approved or if the proposed Resolution Plan is rejected by the CoC in its commercial wisdom the assets of the Corporate Debtor are liquidated and proceeds thereof are distributed as per the waterfall mechanism prescribed u/s 53 of the IBC.

Can I continue to operate my business during the insolvency process?

During the insolvency process, the powers of the board are suspended and are vested in the IRP or the resolution professional. However, major decisions regarding the sale of assets or any restructuring must be approved by the CoC.

How long does the insolvency process typically take to complete?

The insolvency process under the IBC is a time-bound process. For corporate debtors, the process must generally be completed within 330 days, including any extensions granted by the NCLT.

With the passing of the Insolvency and Bankruptcy Code 2016 (Code), our country moved to a new regime of liquidation process. We are well-experienced with the legal protocol, with services that include:

Strategy & Advisory Services  |   Filing/Defending the Application  |   Assisting Revival/Resolution  |   Handling Liquidation Process  |   Recovery and Execution  |  


For more information or legal consultation, we are just a call or an email away.

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