Insolvency and Bankruptcy Law

The Chambers undertakes insolvency and bankruptcy proceedings before the National Company Law Tribunal (NCLT) and the National Company Law Appellate Tribunal (NCLAT), acting for financial creditors, operational creditors, corporate debtors, personal guarantors, resolution professionals, and other parties affected by the insolvency process.

At the initiation stage, we act in applications under the Insolvency and Bankruptcy Code, 2016 by financial creditors, operational creditors, and corporate debtors seeking admission of their own insolvency, including contesting or defending the existence and quantum of default, limitation objections, and disputes over whether a debt is disputed in a manner that bars admission under Section 9. Once proceedings are admitted, our work extends to the constitution and conduct of the Committee of Creditors (CoC), objections to admission or rejection of claims by the resolution professional, disputes over voting share and classification of creditors, and challenges to the conduct of the Corporate Insolvency Resolution Process (CIRP) itself, including allegations of procedural irregularity or exclusion of a stakeholder from the process.

On resolution plans, we advise on and litigate issues at the approval stage by evaluating plan feasibility, viability, and compliance with the Code, distribution of proceeds among creditor classes, eligibility of resolution applicants, and appeals against approval or rejection of plans before the NCLAT. Where resolution is not achieved, we act in liquidation proceedings, including the liquidation estate, sale of assets, and distribution of proceeds, and we also act in personal guarantor proceedings, including applications for insolvency resolution against guarantors, the interplay between proceedings against the principal borrower and the guarantor, and the scope of a guarantor’s liability once a resolution plan has been approved for the corporate debtor.

Beyond the resolution process itself, we advise on ancillary and appellate proceedings, including avoidance applications concerning preferential, undervalued, fraudulent, and extortionate transactions, and appeals before the NCLAT and the Supreme Court, engaging wherever the underlying dispute, though framed in the language of default & resolution, is in substance a contest over commercial recovery, corporate restructuring, control of the corporate debtor, or enforcement of security interests.

Separately, Samarth Luthra, Managing Counsel at the Chambers, is empanelled with the Employees’ State Insurance Corporation (ESIC). He advises and represents the Corporation in proceedings before the Employees’ Insurance Court, NCLT, NCLAT, and connected fora, on matters concerning coverage, contribution, and recovery of dues under the Employees’ State Insurance Act, 1948.