Insolvency & Bankruptcy

Overview

The firm has gained extensive experience in all aspects of insolvency and bankruptcy actions since the inception of the Insolvency and Bankruptcy Code, 2016 (“Code”). The team’s commitment to serving clients’ needs coupled with the ability to think out-of-the-box in coming up with solutions and strategies has allowed the firm to execute ground-breaking work and establish a dominant presence in this area of law. Today, the firm represents clients not only before the National Company Law Tribunal, Mumbai, but also other benches of the National Company Law Tribunal across the country, as well as the National Company Law Appellate Tribunal and the Supreme Court of India in matters relating to insolvency and bankruptcy. The firm’s holistic practice entails representing some of the biggest banks and NBFCs in the country as well as corporate debtors, operational creditors and resolution professionals in matters pertaining to insolvency. The firm has also represented suspended directors of the corporate debtors and third-parties in applications pertaining to preferential, undervalued, fraudulent and extortionate transactions. In firm’s vast expertise in this area also includes representing and advising personal and corporate guanrantors in bankruptcy proceedings under the Code. Our engagements with our clients begin at the pre-insolvency advisory stage and continue in providing legal support, representation and strategic advice during the entire insolvency/bankruptcy process. In addition, the firm also advises clients on matters relating to debt recovery and enforcement under the SARFAESI Act and represents them before Debt Recovery Tribunals across the country.

Indicative Experience

Financial & Operational Claims
  • Advised and represented an NBFC debenture holder by initiating proceedings against the debenture issuer under section 7 of the Insolvency and Bankruptcy Code, 2016 before the National Company Law Tribunal.
  • Advised and represented a creditor in proceedings before the National Company Law Tribunal in proceedings arising from a wrongful rejection of its claim.
  • Successfully advised and represented an Indian financial creditor holding debentures of a real estate developer. Devised a legal strategy to proceed against the real estate developer under Section 7 of the Insolvency & Bankruptcy Code, and simultaneously approached the Hon’ble Bombay High Court for interim reliefs against the real estate developer and its guarantors under Section 9 of the Arbitration and Conciliation Act, 1996. The company was admitted into CIRP.
  • Successfully represented landowners in a development project, in proceedings under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) instituted by the lender against the developer. We sought to restrain the the developer and the lender from taking any coercive measures in furtherance to a loan agreement and an indenture of mortgage, and from creating any third party rights in respect of the mortgaged property belonging to the landowners.
  • Advising and representing a large energy and power company (“”Intervenor””) before the National Company Law Tribunal by intervening in proceedings initiated by a financial institution against the company proposed to be acquired by the Intervener.
  • Assisted and advised a Resolution Applicant in the drafting and submission of a resolution plan, and handholding the Resolution Applicant through the process of evaluation of the Resolution Plan and undertakig the negotiations in connection therewith on behalf of the Resolution Applicant with the Committee of Creditors and the Resolution Professional.
  • Advised a prospective resolution applicant before the National Company Law Tribunal and National Company Law Appellate Tribunal in proceedings arising out of the refusal to accept the submission of the resolution plan.
  • Represented a private port operator in proceedings before the Bombay High Court for recovery of port dues from the sale proceeds of a vessel whose esrtwhile owner was undergoing insolvency proceedings in India. Our submissions pertained to the interplay of the provisions of the Insolvency and Bankruptcy Code and of the Admiralty Act .
  • Advised and represented a creditor in proceedings before the National Company Law Tribunal in proceedings challenging the inclusion of a related party in the committee of creditors.
  • Advised and represented a creditor in proceedings before the National Company Law Tribunal in proceedings pertaining to the non-inclusion of the applicant in the committee of creditors.
  • Advised and represented an ex-director of a Corporate Debtor in applications filed against him under Section 43, Section 45 and Section 66 of the Insolvency and Bankruptcy Code pertaining to allegations of having undertaken related party transactions and/or preferential transactions.
  • Advising and representing a financial institution in proceedings under Part III of the Code for enforcement of personal guarantees provided to Corporate Debtors.
  • Advising and representing a promoter director in proceedings initiated against him involving the enforcement of personal guarantees before the National Company Law Tribunal, Ahmedabad Bench. The client’s challenge to the petition involves, inter alia, issues of limitation.

Work Highlights