IBC Advisory

Insolvency and Bankruptcy Code (IBC)

bankruptcy law

The Insolvency and Bankruptcy Code (IBC) was introduced by the Parliament with the purpose of consolidating and amending the existing laws concerning the insolvency and bankruptcy processes for corporate entities, partnership firms, and individuals. The objective of the IBC is to provide a comprehensive legal framework that streamlines and improves the resolution of insolvency and bankruptcy cases in India, ensuring faster and more efficient resolution processes. The IBC aims to promote maximization of value for all stakeholders involved, enhance creditor rights, and facilitate a conducive environment for entrepreneurship and ease of doing business in the country.

The field of Insolvency and Bankruptcy in India has undergone significant changes and transformations over time. At our firm, Khurana & Khurana, we have dedicated teams that stay updated with the current and anticipated trends in this area. We actively participate in the policy-making process for this domain, contributing to the development of the insolvency law.

Our insolvency and bankruptcy practice has played a crucial role in providing guidance and counsel to creditors, debtors, and investors in numerous significant out-of-court restructurings, including matters involving bond restructuring. We are widely recognized as the preferred law firm for cases falling under the Insolvency and Bankruptcy Code, 2016 (the IBC). Our expertise extends to advising creditors, acquirers, and office-holders, such as resolution professionals or liquidators, in various prominent cases under the IBC. Our firm’s extensive experience and comprehensive understanding of insolvency and bankruptcy laws enable us to offer valuable insights and effective legal strategies to our clients involved in these matters.

As pioneers in the new insolvency law, we have been extensively involved in numerous major insolvency cases under the new regulations. Our firm maintains a prominent position in shaping the ever-evolving landscape of insolvency law and policy in India. We continue to actively engage in this field, ensuring that we are at the forefront of the latest developments and able to provide our clients with exceptional expertise and guidance.

Our Services:

  • Advice on the Insolvency and Bankruptcy Code, 2016 including but not limited to the restructuring and insolvency process contained therein.
  • Advice and assistance to effectuate restructuring via the formal court process or the formal tribunal process.
  • Advice and assistance specifically pertaining to structuring and the legal and regulatory options and potential benefits of restructuring.
  • Advice and assistance in strategizing, drafting, negotiating, and finalizing transaction documents, like applications, petitions, and resolutions.
  • Advice and assistance on an exit strategy for investors from stressed assets, including but not limited to strategic sales, demergers, slump sales and auctions.
  • Advice and assistance in structuring divestment.
  • Advice and assistance in formulating an exit strategy
  • Advice and assistance to Directors and Key Managerial Personnel in relation to their liabilities and obligations arising out of a restructuring and the formal or informal insolvency processes.
  • Advice and assistance on the liquidation process available to debtors including but not limited to under the Companies Act, 2013 and the Insolvency and Bankruptcy Code, 2016.
  • Appearing on behalf of clients before all courts, tribunals and judicial and quasi-judicial authorities.
  • Advice and assistance in formulating strategies for litigation.
  • Advice and assistance in formulating strategies for other forms of dispute resolution.
  • Strategizing, drafting, negotiating and finalizing documents for litigations and dispute resolution purposes, including but not limited to applications, petitions, settlements and compromises.
  • Assist in developing an individualised turnaround plan (resolution plan).