Insolvency & Bankruptcy (IBC) Advisory, Delhi NCR

Insolvency & Bankruptcy

The Insolvency and Bankruptcy Code moves faster than most people expect and gives up control sooner than most directors realise. Once an application is admitted, a moratorium takes effect, the board's powers are suspended and management of the company passes to an insolvency professional answerable to the committee of creditors. Almost every option worth having exists before that moment.

Akash & Co. advises corporate debtors, financial and operational creditors, resolution applicants and personal guarantors under the IBC, and has registered Insolvency Professionals on the team. Whichever side you are on, the first piece of work is the same: establishing what is actually available to you and how long you have.

What we do

Demand notices, Section 9 applications before the NCLT, and recovery strategy where the debt is disputed.

Section 7 applications, documentation of default, and representation on the committee of creditors.

Section 10 applications, defending admission, settlement and withdrawal under Section 12A, and pre-admission restructuring while control still rests with the board.

Including the base resolution plan and the approvals it requires.

Acting as IRP, RP or liquidator — from public announcement through claim verification, CoC, information memorandum, invitation of plans and approval.

For creditors, employees and workmen, including collation issues and disputes over admitted amounts.

Eligibility under Section 29A, diligence on the corporate debtor, and plan preparation and submission.

Asset sale, stakeholder consultation committee process, distribution under the statutory waterfall, and dissolution.

And avoidance-transaction analysis covering preferential, undervalued, extortionate and fraudulent transactions.

Who this is for

Suppliers and contractors who are owed money; banks, NBFCs and lenders; promoters and boards of companies under financial stress; MSMEs; and investors looking at distressed assets.

If you have received a demand notice

A statutory demand notice from an operational creditor starts a short clock. The response window is measured in days, and what you do inside it — pay, record an existing dispute, or negotiate — largely determines whether an application is admitted later. Silence is the one response with no upside.

If a notice has arrived, or if an application has already been filed against the company, speak to somebody the same week. The options narrow considerably at admission, and they narrow again once the committee of creditors is constituted.

The FAQs

The Code prescribes a minimum default threshold below which an application cannot be admitted, and that threshold was raised substantially in 2020. It applies to the amount of default, not to the total outstanding, and different provisions apply to pre-packaged insolvency for MSMEs. The amount should be confirmed against the current position before an application is prepared.

Claims are submitted to the IRP or RP in the prescribed form for your category — financial creditors, operational creditors, workmen and employees each use a different form — supported by evidence of the debt. There is a stated deadline in the public announcement, and late claims can be accepted only within limits.

Yes. The Code provides a pre-packaged insolvency resolution process available to eligible MSMEs, in which the existing management ordinarily remains in control while a base resolution plan is put to creditors. It carries eligibility conditions and requires creditor approval before it is filed.

Insolvency & Bankruptcy