Insolvency Laws

Our Chamber is one of the leading Law Chamber of India which handles Litigation and Advisory issues arising out of Insolvency & Bankruptcy Code, 2016.

Mr. Arvind Kumar Gupta is presently Vice President of NCLT & NCLAT Bar Association.

The provisions of the Insolvency & Bankruptcy Code, 2016 envisage resolution of insolvency of aCorporate entity facing financial crunch by triggering Corporate Insolvency Resolution Process in a time bound manner through formulation of Resolution Plan or in the alternate, Liquidation if Resolution of debts is not possible.

The provisions of the Insolvency & Bankruptcy Code, 2016 has been amended from time to time to deal with various issues arising during implementation.  Recently, the Government has also notified the Personal Insolvency Provisions of the Code.

Under the provisions of the Insolvency Code, the NCLT is the Adjudicating Authority and the NCLAT is the First Appellate Tribunal for the Corporate Debtor. Any further Appeal from the Judgment and Orders of NCLAT lies before the Hon’ble Supreme Court of India.

The proceedings for Personal Insolvency are filed before NCLT if the Personal Debtor is a Guarantor for a Company undergoing Corporate Insolvency proceedings before the NCLT.  In other cases, Personal Insolvency will be handled by jurisdictional DRT.

Our Chamber has been involved in some of the leading cases relating to Insolvency & Bankruptcy Code like :-

Bhushan Power & Steel Ltd.

Alok Industries Ltd.

Ruchi Soya Industries Ltd

Videocon Group

Ansal Group

Metenere Ltd.

NCML Group

Sharp Corp Group

Liberty Group House Pte Ltd.

SEL Manufacturing Company Ltd.

Uttam Galva Steels Ltd. & Group Companies

Arfat Petrochemicals Pvt. Ltd.

Spentex Group (now known as CLC Industries Ltd.)

Area of Practices