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Insolvency & Bankruptcy (IBC) Legal Services in Indore
The Insolvency and Bankruptcy Code (IBC), 2016 provides a unified legal framework for resolving insolvency and liquidation matters involving companies, LLPs, partnerships, and individuals. It consolidates earlier fragmented laws and ensures a time-bound mechanism for debt resolution or liquidation.
Insolvency proceedings become necessary when a business or individual is unable to meet financial obligations, leading to creditor claims or restructuring needs. These matters are handled under special law, primarily before the National Company Law Tribunal (NCLT) for companies and the Debt Recovery Tribunal (DRT) for individuals or partnerships.
At Indore Lawyers, our IBC experts in Indore assist corporate debtors, financial creditors, and operational creditors in filing, defending, and managing insolvency and bankruptcy cases efficiently under the IBC framework.
Steps to File for Insolvency & Bankruptcy (IBC) in Indore
Step 1: Preliminary Consultation & Financial Assessment
We begin by reviewing the client’s financial records, list of creditors, and loan documents to determine whether the default qualifies for insolvency initiation under IBC. Our team identifies the correct forum (NCLT or DRT) and prepares a case evaluation report.
Step 2: Filing the Application & Appointment of Resolution Professional
Once the petition is ready, it is filed before NCLT (for companies) or DRT (for individuals). On admission, a moratorium is declared, and an Interim Resolution Professional (IRP) is appointed to take control of the company or estate. The Committee of Creditors (CoC) is constituted to review resolution proposals.
Step 3: Resolution Process or Liquidation Proceedings
The CoC examines and votes on resolution plans within statutory timelines. If approved, the business is restructured and operations restored. If no resolution is achieved, liquidation proceedings begin under court supervision. Our lawyers assist clients throughout this process — from representation to enforcement of the final order.
Documents Required for Insolvency & Bankruptcy (IBC) in Indore
List of Creditors and Liabilities
Operational Agreements
Identity and Address Proof
Financial Statements and Audit Reports
Business and Asset Details
Previous Court or Tribunal Orders (if any)
Loan Agreements and Default Notices
Board Resolution or Authorization Letter
Frequently Asked Question on Insolvency & Bankruptcy (IBC) in Indore
Both creditors and debtors in Indore — including companies, LLPs, and individuals — can initiate proceedings before NCLT or DRT if a financial default occurs.
Once the case is admitted, NCLT imposes a moratorium, suspends the company’s board, and appoints an Interim Resolution Professional (IRP) to manage the process.
Indore Lawyers provides end-to-end support — from filing insolvency petitions to representing clients before NCLT, assisting in CoC meetings, and overseeing liquidation or restructuring.
Insolvency is the state of financial distress where debts cannot be paid, while bankruptcy is the legal declaration or process recognizing that insolvency.
Core documents include creditor lists, financial statements, loan agreements, and proof of default — required to establish insolvency before the tribunal.
