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CIRP, liquidation and pre-pack proceedings under the Insolvency and Bankruptcy Code, 2016. Section 7, 9 and 10 petitions before the National Company Law Tribunal. Resolution plans, avoidance applications, NCLAT appeals and Supreme Court representation.
The Insolvency and Bankruptcy Code, 2016 has restructured Indian creditor-debtor relations more comprehensively than any statute since independence. The Code creates a single, time-bound, creditor-driven proceeding for corporate insolvency — replacing the SICA-BIFR, the DRT proceedings and the Companies Act winding-up provisions for most practical purposes.
The firm represents financial creditors, operational creditors, corporate debtors, resolution professionals, prospective resolution applicants and intervenors at every stage of the insolvency process.
The IBC is not a recovery statute. It is a resolution statute. The advocacy must be calibrated to that distinction.
Petition for initiation of CIRP by a financial creditor on default of ₹1 crore or more.
Petition by an operational creditor following a Section 8 demand notice.
180-day (extendable to 330) process under the IRP/RP, with the CoC directing strategy.
Liquidation on failure of resolution, sale as a going concern, or piecemeal asset sale.
Section 7 petitions filed by financial creditors are the most common entry into CIRP. The petition requires proof of debt, proof of default, the proposed Insolvency Resolution Professional's consent, and adherence to the limitation regime under Article 137 of the Limitation Act. The corporate debtor's defence is typically focused on either disputing the existence of the debt, disputing the default, raising limitation, or pursuing settlement under Section 12A.
Section 9 petitions follow a Section 8 demand notice. The corporate debtor's defence under Section 9 turns on the existence of a "pre-existing dispute" within the Mobilox Innovations test. The firm acts for operational creditors in recovery-driven petitions and for corporate debtors in defences turning on disputed-debt arguments.
Once admission is ordered, the moratorium under Section 14 freezes pending proceedings, the IRP takes charge under Section 17, and the Committee of Creditors is constituted under Section 21. The CoC takes commercial decisions under the supervision of the Resolution Professional, evaluates resolution plans on the basis of the evaluation matrix, and approves the plan under Section 30(4). The firm's CIRP work covers CoC representation, resolution-plan drafting, Section 29A eligibility analysis, and withdrawal applications under Section 12A.
Where CIRP fails, liquidation under Section 33 follows. The liquidator's role under Section 35, the formation of the Stakeholders' Consultation Committee, the sale-as-a-going-concern alternative and the priority of distribution under Section 53 all govern liquidation conduct.
The Code permits the Resolution Professional or liquidator to challenge preferential transactions (Section 43), undervalued transactions (Section 45), transactions defrauding creditors (Section 49), extortionate credit transactions (Section 50) and fraudulent or wrongful trading (Section 66).