Insolvency & Bankruptcy
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The Insolvency and Bankruptcy Code (IBC), 2016 fundamentally reformed insolvency resolution in India. Whether as creditor, debtor, or investor, understanding IBC procedures and timelines is essential for protecting interests in insolvency situations.
We represent creditors pursuing insolvency petitions, debtors defending against or initiating insolvency proceedings, and investors in corporate insolvency resolution processes. We navigate IBC’s unique timeframes and substantial creditor protections.
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We understand IBC procedures, including fast-track resolution and moratorium implications, having represented diverse stakeholders in insolvencies across manufacturing, financial services, and real estate.
Creditors (operational or financial) and the company itself can file insolvency petitions. Creditors must have a minimum claim (₹1 lakh) and unpaid debt of 180+ days.
Upon petition admission, moratorium commences preventing creditor action, suit filings, and property attachment. Moratorium remains during the CIRP (typically 180 days, extendable to 270 days maximum).
CIRP is designed to complete within 180 days from petition admission. Extensions up to maximum 270 days are permitted. If resolution plan is not approved, liquidation commences.
Payment follows statutory priority: costs, employees, secured creditors (from collateral value), operational creditors, financial creditors, preferences/subordinated debt, and equity shareholders last.
Yes, proceedings can be withdrawn by consent if 90% of creditors (by value) approve. Withdrawal requires payment of costs. Strategic reasons for withdrawal include execution negotiations outside CIRP.
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