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Quick Answer
IBC 2016 created a time-bound framework for financial restructuring or liquidation. Section 7 allows financial creditors to file for CIRP based on default; Section 9 allows operational creditors after demand notice; Section 10 allows the corporate debtor itself. Once admitted by NCLT, a moratorium under Section 14 freezes recovery actions, an Interim Resolution Professional (IRP) is appointed, and a Committee of Creditors (CoC) decides on resolution plans. Statutory CIRP timeline is 180 days extendable to 330 days. NCLT benches at Delhi, Mumbai, Chennai, Bangalore, Hyderabad, Kolkata, Ahmedabad, and Chandigarh.
Statutory reference
Insolvency and Bankruptcy Code 2016
Related practice areas
Consolidated insolvency and bankruptcy framework for companies, partnerships, and individuals. Corporate Insolvency Resolution Process (CIRP) under Sections 7, 9, 10 administered by NCLT.
IBC is governed by Insolvency and Bankruptcy Code 2016. IBC 2016 created a time-bound framework for financial restructuring or liquidation. Section 7 allows financial creditors to file for CIRP based on default; Section 9 allows operational creditors after demand notice; Section 10 allows the corporate debtor itself. Once admitted by NCLT, a moratorium under Section 14 freezes recovery actions, an Interim Resolution Professional (IRP) is appointed, and a Committee of Creditors (CoC) decides on resolution plans. Statutory CIRP timeline is 180 days extendable to 330 days. NCLT benches at Delhi, Mumbai, Chennai, Bangalore, Hyderabad, Kolkata, Ahmedabad, and Chandigarh.
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