Insolvency & Bankruptcy

The Insolvency and Bankruptcy Code, 2016 (IBC) is the most consequential commercial legislation of the last decade. It has replaced a fragmented patchwork of insolvency laws with a single time-bound process to resolve stressed assets, protect creditor value and — where resolution is not possible — deliver an orderly liquidation. For creditors, promoters, resolution professionals and investors, understanding the IBC playbook is essential to defending or unlocking value in a distress situation.

The Exim Roof advises financial creditors, operational creditors, corporate debtors and MSME promoters at every stage of the IBC process. From filing a Section 7, 9 or 10 petition at the NCLT to running a Corporate Insolvency Resolution Process (CIRP) or MSME pre-pack, coordinating a Committee of Creditors, evaluating resolution plans and — where required — steering a voluntary or involuntary liquidation, we deliver the strategic, procedural and drafting support required to prevail in an adversarial, time-boxed forum.

Key statutory routes we cover

• Section 7 — application by a financial creditor for initiation of CIRP against a corporate debtor.
• Section 9 — application by an operational creditor after a Section 8 demand notice is served and remains unpaid.
• Section 10 — voluntary application by a corporate debtor itself for initiation of CIRP.
• Section 54A onwards — MSME Pre-Packaged Insolvency Resolution Process (PPIRP).
• Section 59 — voluntary liquidation of a solvent company.
• Section 94/95 — insolvency resolution and bankruptcy for personal guarantors and individuals.

Corporate Insolvency Resolution Process (CIRP) — end to end

Once a CIRP petition is admitted by the National Company Law Tribunal, the corporate debtor enters a moratorium and control shifts to an Interim Resolution Professional (IRP). Claims are invited, the Committee of Creditors is constituted, and a Resolution Professional is appointed to run the process. Prospective resolution applicants are invited through an Expression of Interest, an Information Memorandum is shared, and resolution plans are evaluated by the CoC against a Statutory Fair Value and Liquidation Value.

Every stage is time-bound — the entire CIRP must ordinarily conclude within 180 days, extendable by a further 90 days and an outer limit of 330 days including litigation. A slip on any statutory timeline can be fatal. Our team handles the drafting, filings, hearing appearances and creditor coordination that keeps the process on the rails.

MSME Pre-Pack — a promoter-friendly alternative

The MSME Pre-Packaged Insolvency Resolution Process, notified in 2021, allows the existing promoter of an MSME corporate debtor to remain in control while a base resolution plan is put to the CoC and challenged through a Swiss-challenge mechanism. It is a faster, less disruptive alternative to full CIRP for eligible MSMEs and can complete in as little as 120 days.

Liquidation, voluntary and forced

When resolution is not possible, or when a solvent company wishes to exit, liquidation under the IBC follows a rigorous set of statutory steps — appointment of liquidator, public announcement, verification of claims, sale of assets as a going concern or asset-by-asset, distribution of proceeds under the statutory waterfall (Section 53), and finally the dissolution order. We manage the entire liquidation process including engagement of registered valuers, sale processes and closure filings.

How The Exim Roof helps

• Pre-filing diagnostic — assessment of default, evidence gathering and section-selection strategy.
• NCLT petition drafting and filing (Sections 7, 9, 10, 54A, 59, 94/95).
• Advocacy at NCLT and NCLAT during admission, moratorium and objections.
• Interim / Resolution Professional coordination and CoC advisory.
• Bid evaluation, Information Memorandum vetting and resolution-plan negotiations.
• Liquidation-process management including public sale, private treaty and going-concern sales.
• Personal-insolvency advisory for guarantors and promoters.