The Insolvency and Bankruptcy Code, 2016 (IBC) introduced a time-bound framework for resolution of corporate insolvency in India. The Corporate Insolvency Resolution Process (CIRP) is initiated when a default of at least one crore rupees occurs.
The process begins with filing an application before the National Company Law Tribunal (NCLT). Upon admission, an Interim Resolution Professional is appointed, and a moratorium is declared under Section 14, providing a breathing space for the corporate debtor.
The Committee of Creditors plays a central role in evaluating resolution plans. The Supreme Court in Essar Steel India Ltd. v. Satish Kumar Gupta established that the commercial wisdom of the CoC is paramount and cannot be challenged on merits by the Adjudicating Authority.
Our corporate practice at Unison Law Offices handles all aspects of IBC proceedings, from filing applications to representing stakeholders in resolution plan discussions and appeals before the NCLAT and Supreme Court.