Insolvency
Solaris Legal handles corporate insolvency, restructuring and liquidation matters under the Insolvency and Bankruptcy Code 2016. It appears for financial creditors, operational creditors, corporate debtors, resolution professionals, resolution applicants, liquidators and personal guarantors to corporate debtors, before benches of the National Company Law Tribunal across India, the National Company Law Appellate Tribunal and the Supreme Court of India. Clients include mining and industrial groups, engineering and construction companies, electronics manufacturers and foreign investors in India.
The legal framework
The governing statute is the Insolvency and Bankruptcy Code 2016, together with the regulations made under it by the Insolvency and Bankruptcy Board of India. Proceedings run before benches of the National Company Law Tribunal, with appeals to the National Company Law Appellate Tribunal and then the Supreme Court of India. The Code operates alongside secured-creditor enforcement under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act 2002 (the SARFAESI Act), recovery proceedings under the Recovery of Debts and Bankruptcy Act 1993 and the general company law of the Companies Act 2013.
Scope
Initiation and defence of the corporate insolvency resolution process, including demand notices under Section 8 and petitions under Sections 7 and 9 of the Code.
Representation of third parties drawn into the process, including in applications by a resolution professional to take control of assets of the corporate debtor.
Disputes over the adjudication of claims, including challenges to a resolution professional's rejection of a claim or its admission at a notional value.
Defence of resolution professionals against allegations of fraud brought by unsuccessful resolution applicants.
Implementation of resolution plans for successful resolution applicants, including reliefs, concessions and dispensations sought under a plan and applications for expeditious approval of a plan under Section 31(1) of the Code.
Representation of Indian subsidiaries of foreign engineering and construction groups on both sides of operational-creditor claims arising from turnkey contract payment disputes.
Liquidation proceedings and appeals for liquidators, including closure of the liquidation process under the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations 2016.
Appeals before the National Company Law Appellate Tribunal and the Supreme Court, including procedural challenges to ex parte admission orders and the tribunals' power to extend timelines under a resolution plan.
Advice to nominee directors and minority shareholders in disputes involving allegations of fraud, mismanagement and oppression arising alongside corporate distress.
Personal insolvency proceedings before the National Company Law Tribunal, including the defence of personal guarantors to corporate debtors.
Where it applies
Writing on this subject
Restructuring & Insolvency 2025 — India chapter
Debarshi Dutta, Rajat Pradhan, Shivam Tiwari · The Legal 500 Country Comparative Guides · July 2025
Revisiting the Supreme Court’s decision in Piramal Capital
Shivam Tiwari · Solaris Legal Website · 9 May 2025
Restructuring & Insolvency 2024 — India chapter
Debarshi Dutta, Trinath Tadakamalla, Nikita Rathi · International Comparative Legal Guides (ICLG) · 2024