Nine years since IBC came into force, it remains India’s most consequential creditor recovery mechanism — but also its most procedurally intensive. The NCLT has admitted 8,659 CIRPs since inception; 30,600+ cases are currently pending across all benches; the average resolution time is now 713+ days against a 330-day statutory mandate. In this environment, the quality of your IBC counsel determines whether you are still participating in the process a year from now or watching from the sidelines.
Initiation & Admission
- Section 7 applications — financial creditor initiation: documentation of financial debt, default, and demand; NCLT Mumbai filing and hearing strategy
- Section 9 applications — operational creditor initiation: demand notice protocol, proof of delivery, CIRP admission criteria
- Section 10 applications — corporate debtor initiation: voluntary insolvency, board resolution requirements
- Defending against CIRP admission — pre-admission settlement negotiations, Section 8 dispute notices, jurisdictional objections
- Pre-pack insolvency (PPIRP) for MSMEs — Section 54A to 54P procedure
CIRP Management & Resolution
- Committee of Creditors advisory — CoC constitution, voting rights, commercial wisdom doctrine, reserved matters under Regulation 18
- Resolution Plan structuring and drafting — Section 30/31 requirements, Section 29A eligibility screening for resolution applicants
- Challenging resolution plans — judicial review limits post
- Section 60(5) miscellaneous applications — avoidance transactions (preferences, undervalued transactions), fraudulent trading
- Personal guarantor proceedings under Part III IBC — Section 95–100 applications before NCLT
- Parallel PMLA proceedings — NCLT’s supervisory jurisdiction over ED attachments affecting CIRP assets
- NCLAT appeals — grounds, limitation, stay applications
- Liquidation proceedings — liquidator appointment, asset sale, distribution waterfall
