Insolvency & Bankruptcy
Corporate insolvency, liquidation, homebuyer claims and personal guarantor matters under the IBC before the NCLT and NCLAT.
The Insolvency and Bankruptcy Code, 2016 provides a time-bound process for resolving the insolvency of companies, LLPs, partnerships and individuals. A corporate insolvency resolution process (CIRP) is started on an application by a financial creditor (Section 7), an operational creditor (Section 9) or the company itself (Section 10) before the National Company Law Tribunal.
The firm has acted in some of the larger liquidation matters involving homebuyers, including claims by homebuyers as financial creditors in real estate liquidations, and in company restructuring exercises of significant value. We act for creditors, resolution applicants, suspended management, guarantors and homebuyer groups.
IBC work is procedural and deadline-driven. We handle the application, claim filing, committee of creditors representation, challenges to resolution plans, avoidance transactions and liquidation before the NCLT and NCLAT in Delhi.
What we handle
- Section 7, 9 and 10 applications before the NCLT
- Claim filing and representation before the resolution professional and committee of creditors
- Homebuyer claims and class actions in real estate insolvency
- Liquidation proceedings and distribution under Section 53
- Personal guarantor insolvency (Sections 95 onwards)
- Appeals to the NCLAT and Supreme Court; Section 12A withdrawals
Frequently asked questions
What is the minimum default for filing under the IBC?
One crore rupees, after the threshold was raised in 2020. For homebuyers, an application must be filed jointly by at least 100 allottees or 10% of the allottees of the project, whichever is less.
How long does a CIRP take?
The Code provides 180 days, extendable by 90, with an outer limit of 330 days including litigation time. In practice, larger matters often exceed this because of appeals.
Are homebuyers treated as creditors under the IBC?
Yes. Since the 2018 amendment, allottees of real estate projects are financial creditors and sit on the committee of creditors through an authorised representative.
Who handles this
Related insights
- Personal Guarantors under the IBC: What Section 95 Proceedings Mean for Promoters and DirectorsSince December 2019, lenders can pursue promoters who personally guaranteed company loans through the individual insolvency provisions of the IBC, and the Supreme Court has upheld the framework.15 May 2025
- Homebuyers under the IBC: Filing Claims and Protecting Your Flat When the Builder Goes into InsolvencyWhen a developer is admitted to insolvency, every allottee becomes a creditor with a deadline to file a claim and a vote in the process.01 May 2025
- Section 7 vs Section 9 of the IBC: Financial and Operational Creditors ComparedThe IBC treats lenders and suppliers very differently.06 March 2025
- How to Serve a Demand Notice under Section 8 of the IBC as an Operational CreditorThe Section 8 demand notice is the gateway to insolvency proceedings against a company that owes you for goods or services.13 February 2025
The information on this page is general and does not constitute legal advice. Limitation periods and procedures depend on the facts of each matter; please take advice before acting.