Insolvency and Bankruptcy Code (IBC)2016
Comprehensive insolvency regime; CIRP, liquidation, voluntary liquidation, personal guarantor and partnership-firm chapters.
Practice area · Indian legal practice
Insolvency & Bankruptcy
IBC 2016 — corporate insolvency, liquidation, personal guarantor proceedings.
Insolvency practice under the Insolvency and Bankruptcy Code 2016 has grown rapidly since the Code's notification in 2016. Forums are NCLT (admission, resolution, liquidation orders) and NCLAT (appeals), with the Supreme Court for ultimate constitutional and substantive questions. Corporate Insolvency Resolution Process (CIRP) is the central workflow.
Key statutes
IBBI Regulations
Insolvency and Bankruptcy Board of India regulations on CIRP, liquidation, valuation, voting share, and IRP/RP/IP conduct.
Companies Act2013
Sections 230-234 schemes operate alongside IBC where applicable.
Primary forums
- National Company Law Tribunal (NCLT) — Adjudicating Authority under the IBC
- National Company Law Appellate Tribunal (NCLAT) — Appellate Authority
- Supreme Court of India
- Debt Recovery Tribunal (DRT) — for personal guarantor proceedings under Part III IBC
Common matters
- Section 7 IBC applications — CIRP initiation by financial creditors
- Section 9 IBC applications — CIRP initiation by operational creditors
- Section 10 IBC applications — corporate-debtor self-initiated CIRP
- Resolution plan approvals under Section 31
- Liquidation orders and waterfall distribution
- Avoidance applications (Sections 43-51 — preferential, undervalued, fraudulent transactions)
- Personal-guarantor proceedings under Part III
Limitation periods
Limitation Act 1963 applies to IBC proceedings — Article 137 (3 years) applies to most claims. Section 60(6) excludes the moratorium period from limitation calculation. Appeals to NCLAT under Section 61 within 30 days; condonation up to 15 more days under Section 61(2).
CourtNetra workflow for insolvency & bankruptcy
IBC matters in CourtNetra track CIRP timelines tightly — admission, IRP appointment, claims-collation, CoC meetings, resolution-plan vote, NCLT approval. The 330-day outer limit (Section 12 IBC) is surfaced as a countdown on the matter dashboard. NyayaLens AI surfaces precedent on key IBC questions — Vidarbha Industries, Lalit Kumar Jain, Phoenix ARC — with verified citations.
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