Lynx Legal Partners LLP is a dedicated insolvency and bankruptcy law practice based in Mumbai — the financial heartbeat of India and the jurisdiction where the largest and most consequential IBC proceedings are initiated, contested, and resolved. We are legal strategists, advocates, and counsel for creditors, debtors, resolution professionals, and investors navigating India’s rapidly evolving insolvency regime.
From filing Section 7 petitions on behalf of banks and financial institutions to defending corporate debtors against admission, from structuring resolution plans to pursuing avoidance transactions — we bring sharp statutory knowledge, commercial foresight, and deep NCLT experience to every mandate we undertake.
India’s insolvency landscape has never been more dynamic. The Insolvency and Bankruptcy Code (Amendment) Act, 2026 — which received Presidential assent on 6 April 2026 — has introduced sweeping reforms, including the Creditor-Initiated Insolvency Resolution Process (CIIRP), group insolvency provisions, mandatory NCLT admission on proved default, and a strengthened framework for personal guarantors. Our practice is fully updated and aligned with every dimension of the new law.
We proudly serve the full spectrum of stakeholders in the Insolvency & Bankruptcy ecosystem :
The Corporate Insolvency Resolution Process is the backbone of India’s IBC framework. Precision in petition drafting, strict adherence to statutory timelines, and tactical management of the admission stage are critical to protecting client interests. We represent all stakeholders across the full CIRP lifecycle — from default to resolution plan approval.
Section 7 Petitions — Financial Creditors — Drafting, filing, and arguing applications by banks, NBFCs, and financial institutions before the NCLT, including preparation of complete default dossiers and limitation analysis
Section 9 Petitions — Operational Creditors — Issuing Section 8 demand notices and filing Section 9 applications for undisputed operational debt, with strategy for resisting premature settlement attempts by corporate debtors
Section 10 — Corporate Debtor Applications — Advisory and filing for corporate debtors voluntarily initiating CIRP, including pre-filing structuring to protect ongoing business value
Admission Stage Defense — Representing corporate debtors in opposing admission of CIRP petitions, including disputes on default, limitation, and pre-existing disputes
Interim Moratorium Advisory — Managing the legal consequences of the Section 14 moratorium, including its interplay with cheque bounce proceedings under Section 138 NI Act, SARFAESI enforcement, and pending arbitrations
Claims Submission & Verification — Assisting financial and operational creditors in filing, verifying, and contesting claims before the Interim Resolution Professional and Resolution Professional
The IBC Amendment Act, 2026 introduces a landmark reform — the Creditor-Initiated Insolvency Resolution Process (CIIRP) under new Chapter IV-A. This out-of-court mechanism allows specified financial creditors representing at least 51% of financial debt to initiate insolvency without immediate recourse to the NCLT, operating on a debtor-in-possession model with fixed timelines. We are among the first practices to advise clients on navigating this new framework.
CIIRP Eligibility & Trigger Advisory — Advising financial creditor groups on whether they meet the threshold requirements to invoke the CIIRP mechanism and structuring creditor coalitions to achieve the required 51% voting share
CIIRP Process Management — End-to-end legal management of the CIIRP timeline, documentation, and compliance with the fixed statutory process window
Debtor-in-Possession Governance — Advisory for corporate debtors on their rights, obligations, and governance requirements while operating under the debtor-in-possession model during CIIRP
Conversion & Withdrawal Strategy — Advising on conversion of CIIRP to formal CIRP proceedings before the NCLT, or structured withdrawal upon settlement, within the permissible statutory windows
Creditor Coalition Structuring — Facilitating inter-creditor agreements, coordination mechanisms, and multi-lender negotiation frameworks for CIIRP triggering creditors.
The resolution plan stage is where value is created or destroyed. A poorly structured plan risks rejection by the CoC, non-approval by the NCLT, or post-approval litigation that paralyses implementation. A well-crafted resolution plan — backed by rigorous legal architecture — delivers certainty, finality, and maximum creditor recovery. We advise resolution applicants, CoCs, and corporate debtors at every stage of plan formulation and approval.
Resolution Plan Drafting & Vetting — Comprehensive drafting and review of resolution plans, including treatment of financial creditors who do not vote in favour — a critical requirement under the 2026 Amendment’s new minimum payment standard
Section 29A Eligibility — Advising resolution applicants on eligibility under Section 29A, with the IBBI’s strengthened due diligence requirements now mandating enhanced scrutiny of connected parties
CoC Advisory & Representation — Advising the Committee of Creditors on plan evaluation criteria, reasons-recording obligations, voting mechanics, and fiduciary responsibilities under the amended IBC
CCI Clearance for Resolution Plans — Managing mandatory Competition Commission of India approval — now a mandatory pre-condition following the Supreme Court’s January 2025 ruling — before the CoC considers a plan, including timeline alignment to avoid CIRP overruns
Distressed M&A & Stressed Asset Acquisitions — Legal structuring for investors acquiring assets through the IBC resolution process, including title diligence, clean-slate principle protections, and post-acquisition regulatory compliance
Clean Slate Protection & Claim Extinguishment — The 2026 Amendment formally codifies the clean slate principle — we advise acquirers on ensuring all pre-resolution claims are extinguished and legally ring-fenced post-approval
When resolution fails, liquidation must be managed with discipline and legal precision to maximise asset realisation for creditors. Simultaneously, avoidance actions — targeting fraudulent, preferential, and undervalued transactions made before insolvency — represent a significant and often underutilised tool for recovery. We represent creditors and insolvency professionals in both domains.
Liquidation Process Advisory — Legal support for the full liquidation process under the IBC, including IBBI’s Liquidation Process (Second Amendment) Regulations, 2026, which introduced significant procedural reforms
CoC Supervision of Liquidation — Under the 2026 Amendment, the CoC now supervises the liquidator and continues in ongoing liquidation cases — we advise CoC members on their expanded oversight obligations
Asset Realisation & Waterfall Disputes — Advising creditors on the statutory distribution waterfall under Section 53, including the 2026 clarification that government claims are only secured if there is a contractual arrangement — not merely by operation of law
Avoidance Transaction Proceedings — Initiating and contesting applications under Sections 43, 46, 47, 49, and 50 for preferential, undervalued, fraudulent, and extortionate transactions, including the expanded two-year look-back period introduced by the 2026 Amendment
Wrongful Trading Claims — Advisory on the 2026 Amendment’s provisions empowering creditors to initiate avoidance and misconduct proceedings independently where the insolvency professional fails to act
Voluntary Liquidation — Legal structuring and compliance for voluntary liquidation under the IBBI (Voluntary Liquidation Process) (Amendment) Regulations, 2026, including stakeholder communication and statutory timelines
The inclusion of personal guarantors in India’s insolvency regime has fundamentally altered the liability landscape for promoters, directors, and individuals who have guaranteed corporate debt. The IBC Amendment Act, 2026 introduces further reforms to personal guarantor proceedings, including tighter regulation of asset transfers, revised repayment plan timelines, and alignment of government dues priority with the corporate insolvency waterfall. We represent both creditors pursuing guarantors and guarantors navigating the process.
Personal Guarantor CIRP — Creditor Representation — Filing applications before the NCLT against personal guarantors under Section 95, pursuing guarantor assets as part of the overall recovery strategy
Personal Guarantor Defense & Advisory — Representing promoters and individual guarantors, advising on rights under the insolvency process, repayment plan structuring, and the revised 21-day response timelines under the 2026 Amendment
Guarantor Asset Transfer — Advisory on the new Section 28A mechanism for transfer of assets of personal or corporate guarantors during CIRP, including CoC approval thresholds and distribution of sale proceeds
Repayment Plan Drafting & Negotiation — Drafting and negotiating repayment plans for personal guarantors, including special provisions for guarantors who are also personal guarantors to a corporate debtor
Bankruptcy Applications for Individuals — Filing and contesting bankruptcy petitions for individuals and personal guarantors where no repayment plan is submitted or approved, in accordance with the 2026 Amendment’s streamlined bankruptcy initiation mechanism
India’s MSME sector is the backbone of its economy — and its most frequent entrant into financial distress. The Pre-Packaged Insolvency Resolution Process (PPIRP) was designed specifically for MSMEs as a faster, debtor-friendly alternative to full CIRP. The 2026 Amendment further strengthens PPIRP by lowering the CoC voting threshold to 51%, making it more accessible. Additionally, India has for the first time introduced a group insolvency framework for coordinated proceedings across related corporate entities.
Pre-Packaged Insolvency Resolution (PPIRP) — End-to-end advisory and filing for MSMEs under the PPIRP framework, including the revised IBBI (Pre-Packaged Insolvency Resolution Process) (Amendment) Regulations, 2026, with the debtor-in-possession model and 120-day resolution window
PPIRP Base Resolution Plan & Swiss Challenge — Structuring the base resolution plan negotiated with creditors prior to NCLT submission, and advising on the Swiss challenge mechanism for competing plans
Group Insolvency Advisory — Advisory on the new Chapter VA framework under Section 59A, which for the first time permits coordinated insolvency proceedings across a group of related corporate entities — critical for conglomerates and multi-entity corporate structures in financial distress
MSME Debt Restructuring & Pre-Insolvency Advisory — Pre-insolvency diagnostic and restructuring advisory for MSME promoters, including cash flow analysis, creditor negotiation strategies, and identification of the optimal resolution pathway
Fast-Track & Expedited Resolution — Advisory on accelerated resolution timelines under the reformed IBC framework, including mandatory admission requirements and the NCLAT’s three-month disposal mandate for appeals under the 2026 Amendment
Debt recovery is not limited to the IBC. SARFAESI enforcement, DRT proceedings, and cross-border insolvency matters each involve distinct legal frameworks, specialist forums, and tactical considerations that complement or run parallel to IBC proceedings. We provide integrated advisory across the full debt recovery and cross-border insolvency spectrum.
SARFAESI Act Enforcement — Representing secured creditors in enforcement of security interests under the SARFAESI Act, including possession notices, auction proceedings, and resisting borrower challenges before Debt Recovery Tribunals
DRT & DRAT Representation — Filing and contesting recovery applications, attachment orders, and appeals before Debt Recovery Tribunals and the Debt Recovery Appellate Tribunal
Cross-Border Insolvency — Advisory on cross-border insolvency matters — including recognition and enforcement of foreign insolvency proceedings — under the framework now formally introduced by the IBC Amendment Act, 2026, which brings group and cross-border insolvency into India’s statutory architecture for the first time
NI Act & Cheque Bounce Proceedings — Strategic management of the interplay between IBC moratorium provisions and Section 138 Negotiable Instruments Act proceedings, including the Supreme Court’s evolving jurisprudence on this interface
NCLT / NCLAT / Supreme Court Representation — Advocacy in insolvency litigation, plan approval proceedings, avoidance actions, and statutory appeals across all forums — NCLT benches, NCLAT, and the Supreme Court of India
Penalties & Frivolous Proceedings Defense — Advising clients on the 2026 Amendment’s new enforcement provisions — Sections 64A, 67B, 67C, and 183A — which impose penalties for vexatious applications, moratorium violations, suppression of material facts, and non-compliance with approved resolution plans
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