Key Objectives of IBC:

• Time-bound resolution of insolvency
• ​​​Maximization of asset value
• Promotion of entrepreneurship
• Balancing interests of all stakeholders (creditors, debtors, employees, etc.)

Who Can Initiate Insolvency Proceedings?

• Financial Creditors (e.g. banks, NBFCs)
• Operational Creditors (e.g. vendors, suppliers)
• Corporate Debtors (the defaulting company itself)

Insolvency Process: Corporate Entities

1. Filing Application before NCLT - A creditor or debtor can file an application for initiating Corporate Insolvency Resolution Process (CIRP) before the National Company Law Tribunal (NCLT).
2. Appointment of Insolvency Professional (IP) - On admission, an interim resolution professional is appointed to take charge of the corporate debtor.
3. Moratorium Imposed - All legal proceedings, recovery actions, and foreclosures are stayed during the process.
4. Formation of Committee of Creditors (CoC) - The CoC evaluates the debtor’s financial situation and proposes a resolution plan.
5. Approval of Resolution Plan or Liquidation - If the CoC approves a resolution plan, it is implemented. If not, the company goes into liquidation.

Insolvency Process: Individuals & Partnerships

• Fresh Start Process - For individuals with minimal assets and income.
• Insolvency Resolution Process - Debt repayment under supervision.
• Bankruptcy Proceedings - Initiated if resolution fails

Legal Remedies & How We Can Help You
Whether you are a creditor looking to recover your dues, or a business seeking resolution, our legal team assists you at every stage:

• Legal advisory and eligibility check
• Filing insolvency application before NCLT
• Representation in hearings
• Drafting and vetting of resolution plans
• Assistance in liquidation or restructuring
• Negotiation with creditors

​​​How to Overcome Insolvency Legally

• Seek professional advice early
• Consider out-of-court settlements
• Opt for restructuring of debt
• Use formal insolvency resolution processes under IBC
• void willful default; maintain transparency with creditors

Why Choose Us?
With deep expertise in corporate law and insolvency matters, we provide end-to-end support for creditors, businesses, and individuals navigating insolvency and bankruptcy issues.

Contact us today for a confidential consultation