The introduction of the National Company Law Tribunal (NCLT) and its appellate body, the National Company Law Appellate Tribunal (NCLAT), has streamlined the resolution process and offered a specialized legal platform for insolvency-related matters. Whether you are looking to initiate an insolvency application, seeking insolvency advice, preparing for an insolvency appeal, or need the guidance of seasoned insolvency experts, choosing the right legal representation is vital. At Law Senate, we offer top-tier services through our team of highly skilled NCLT lawyers in Delhi and NCLAT lawyers in Mumbai, delivering strategic counsel and litigation support across all insolvency and bankruptcy matters.
Understanding the Framework: The Rise of Insolvency Law in India
The Insolvency and Bankruptcy Code (IBC), 2016 was introduced to consolidate and amend existing laws relating to insolvency resolution. It applies to companies, LLPs, partnership firms, and individuals. Its objectives include:
Ensuring the maximization of value of assets
Balancing the interests of stakeholders
Promoting entrepreneurship
Making the insolvency process more transparent and time-bound
Improving the overall ease of doing business in India
With IBC, the National Company Law Tribunal (NCLT) was given the jurisdiction to adjudicate corporate insolvency and liquidation proceedings, while the Debt Recovery Tribunal (DRT) retained jurisdiction over individual insolvency. The appellate authority for NCLT orders is the NCLAT, which also hears appeals from orders issued by the Insolvency and Bankruptcy Board of India (IBBI).
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