The Insolvency and Bankruptcy Code (IBC) is a comprehensive legislation in India that deals with insolvency, bankruptcy, and liquidation of companies and individuals. The IBC provides for the resolution of distressed companies and individuals through a time-bound process that is managed by a licensed insolvency professional.
If you are a creditor, debtor, or an interested party in an insolvency or bankruptcy proceeding, you may need to seek litigation services to protect your rights and interests. Here are some of the key services that lawyers can provide for litigation related to the IBC:
- Legal advice: Lawyers can provide legal advice on the IBC and its provisions. They can help you understand your rights and obligations, the procedures involved in the insolvency process, and the potential risks and consequences of litigation.
- Representation in the National Company Law Tribunal (NCLT): The NCLT is the adjudicating authority for insolvency and bankruptcy proceedings under the IBC. Lawyers can represent you in the NCLT and present your case to the tribunal. They can also help you prepare and file petitions, applications, and other documents required by the NCLT.
- Representation in the National Company Law Appellate Tribunal (NCLAT): The NCLAT is the appellate authority for insolvency and bankruptcy proceedings under the IBC. Lawyers can represent you in the NCLAT and argue your case before the tribunal. They can also help you prepare and file appeals, petitions, and other documents required by the NCLAT.
- Negotiations and settlements: Lawyers can assist with negotiations and settlements to resolve disputes related to insolvency and bankruptcy. They can help you negotiate with creditors, debtors, and other interested parties to reach a mutually acceptable resolution that meets your needs.
- Enforcement of orders and awards: Lawyers can help you enforce orders and awards issued by the NCLT or NCLAT. They can assist with the execution of orders, recovery of debts, and other matters related to the enforcement of insolvency and bankruptcy proceedings.
In conclusion, if you are involved in an insolvency or bankruptcy proceeding, it is important to engage an experienced lawyer who can provide you with the necessary legal advice and representation. Lawyers can represent you in the NCLT and NCLAT, assist with negotiations and settlements, and enforce orders and awards issued by the tribunals. With the help of a skilled lawyer, you can protect your rights and interests and achieve a favorable outcome in your insolvency or bankruptcy proceeding.
The Insolvency and Bankruptcy Code (IBC) is a comprehensive legislation in India that was enacted in 2016 to consolidate and amend the laws relating to insolvency, bankruptcy, and liquidation of companies and individuals. The IBC provides a time-bound and market-oriented mechanism for the resolution of distressed companies and individuals.
The main objective of the IBC is to promote the maximization of value of assets of a debtor, balance the interests of all stakeholders, and ensure the insolvency resolution process is conducted in a time-bound and efficient manner. The IBC provides for a resolution process for both corporate and individual debtors and is managed by a licensed insolvency professional.
The IBC is administered by the National Company Law Tribunal (NCLT), which is the adjudicating authority for insolvency and bankruptcy proceedings. The NCLT is empowered to appoint a resolution professional to manage the affairs of the debtor during the insolvency resolution process. The resolution professional is responsible for managing the debtor’s assets, preparing a resolution plan, and managing the sale of the debtor’s assets.
Under the IBC, creditors have the power to initiate insolvency proceedings against a debtor if the debtor fails to pay its debts. The creditor can file an application for initiating insolvency proceedings with the NCLT, which will then appoint a resolution professional to manage the debtor’s affairs.
The IBC provides for two types of insolvency resolution processes: the corporate insolvency resolution process (CIRP) for companies, and the individual insolvency resolution process (IIRP) for individuals. The CIRP and IIRP are time-bound processes that aim to resolve the insolvency of a debtor within a specified time period.
The IBC also provides for a liquidation process if the insolvency resolution process is unsuccessful. In the liquidation process, the assets of the debtor are sold and the proceeds are distributed among the creditors.
In conclusion, the Insolvency and Bankruptcy Code is an important legislation in India that provides a comprehensive mechanism for the resolution of distressed companies and individuals. The IBC aims to balance the interests of all stakeholders, maximize the value of assets of a debtor, and ensure the insolvency resolution process is conducted in a time-bound and efficient manner.
Frequently Asked Question | Litigation Services for Insolvency and Bankruptcy Code by Aggarwal M & Associates?
The Insolvency and Bankruptcy Code is a legal framework in India that addresses insolvency and bankruptcy matters. It provides a streamlined process for resolving financial distress and aims to protect the interests of creditors, debtors, and stakeholders.
Aggarwal M & Associates provides comprehensive litigation services related to the Insolvency and Bankruptcy Code. This includes representing clients in insolvency proceedings, handling debt recovery cases, and assisting with corporate insolvency resolution processes (CIRP).
Yes, our firm has a team of experienced legal professionals who specialize in handling litigation cases under the Insolvency and Bankruptcy Code. We have successfully represented clients in various insolvency matters.
Absolutely, we can provide expert guidance and legal representation to companies facing financial distress or insolvency challenges. Our team will work diligently to explore the best solutions for your specific situation.
Aggarwal M & Associates can guide you through the entire CIRP process, which includes initiating the process, appointment of insolvency professionals, formulation of resolution plans, and seeking approval from creditors and the National Company Law Tribunal (NCLT).
Our firm can represent creditors in debt recovery cases, including filing insolvency petitions against defaulting companies and ensuring timely recovery of dues through the insolvency resolution process.
Yes, we offer expert advisory services on debt restructuring and settlement, helping clients explore viable options to manage and settle their debts effectively.
In cases where a company is facing legal action from creditors under the IBC, our firm can provide strong legal representation, defend the company’s interests, and work towards finding the most favorable resolution.
Yes, our legal team has the expertise and experience to represent clients in the NCLT and other relevant forums for insolvency and bankruptcy-related matters.
To engage our litigation services for Insolvency and Bankruptcy Code matters, companies can contact us via phone, email, or through our website. Our team will promptly respond and guide you through the process.
Yes, our firm has a team of experienced legal professionals who specialize in handling litigation cases under the Insolvency and Bankruptcy Code. We have successfully represented clients in various insolvency matters.