Insolvency & Bankruptcy Code (IBC)
Legal advisory and representation in IBC proceedings for creditors, debtors, and insolvency professionals, including resolution and recovery matters
- Estimate Cost
- ₹1,00,000 – ₹10,00,000
- Typical duration
- 90 days
Service overview
- Legal advisory and representation in insolvency and bankruptcy proceedings under the Insolvency and Bankruptcy Code, 2016, including corporate insolvency resolution, creditor and debtor representation, claims, resolution plans, and related proceedings before the National Company Law Tribunal and other competent forums
- The IBC establishes a consolidated framework for time-bound insolvency resolution of corporate persons and other categories covered by the Code, with the Insolvency and Bankruptcy Board of India regulating insolvency professionals and processes
- The IBC framework was materially amended in 2026, with the Insolvency and Bankruptcy Code (Amendment) Act, 2026 receiving Presidential assent on 6 April 2026 and subsequent amendment regulations being notified by IBBI
Who needs it? / When is it needed?
- Financial creditors, operational creditors, corporate debtors, promoters, shareholders, resolution applicants, insolvency professionals, guarantors, lenders, investors, and other stakeholders involved in or affected by an insolvency proceeding
- The service may be required when a corporate debtor defaults on financial or operational debt, a creditor is considering initiating insolvency proceedings, a corporate debtor needs to respond to an insolvency application, a claim needs to be filed or verified, a resolution plan is being evaluated, or a stakeholder needs representation during the Corporate Insolvency Resolution Process, pre-packaged process, liquidation, or related proceedings
What to expect from the WCP Professionals
WCP professionals support you with:
- Review of the debt, default, corporate structure, financial records, agreements, security documents, correspondence, notices, and existing proceedings
- Assessment of the appropriate remedy and forum
- Evaluation of creditor or debtor rights
- Preparation of insolvency applications, claims, replies, affidavits, and other pleadings
- Assistance with admission proceedings
- Representation before the NCLT and appellate forums where included
- Participation in resolution-plan and creditor-process documentation
- Review of claims and supporting evidence
- Assistance with negotiations and settlement where legally permissible
- Guidance throughout the relevant insolvency process.
- IBBI's current framework includes prescribed forms for the Insolvency Resolution Process for Corporate Persons, and IBBI continues to issue amendments and circulars concerning CIRP procedures, valuation, filings, and monitoring.
Key deliverables
Deliverables cover:
- Insolvency case assessment
- Creditor or debtor strategy
- Section 7, Section 9, or other applicable insolvency application support
- Replies and objections
- Claim preparation and verification
- Supporting affidavits and documentation
- Representation before NCLT
- Assistance concerning the Committee of Creditors process
- Resolution-plan review
- Resolution-applicant documentation
- Avoidance or fraudulent-transaction analysis where applicable
- Settlement and withdrawal assistance where legally permissible
- Appeal support before the NCLAT or higher courts where required
- Advice concerning liquidation or other consequences where resolution does not succeed.
Standard turnaround time
- Initial case assessment and document review may generally be completed within an agreed professional timeline after receiving complete financial and legal records.
- Filing and admission timelines depend on the nature of the application, completeness of evidence, statutory requirements, objections raised by the respondent, and the NCLT's schedule.
- Once admitted, the overall insolvency process depends on the applicable statutory framework, resolution-plan process, creditor decisions, litigation, extensions or exclusions permitted by law, and developments before the Tribunal.
- Current IBBI materials show continuing amendments aimed at addressing delays and improving the functioning of insolvency processes.
Government fees, timelines & key outcomes
- Insolvency proceedings involve prescribed filing fees, professional costs, insolvency-resolution-process expenses, valuation expenses, publication and administrative costs, and other process-related expenses depending on the proceeding and stakeholder.
- The applicable NCLT filing fee depends on the nature of the application and the current prescribed rules or fee schedule.
- Key outcomes may include admission or rejection of an insolvency application, commencement or continuation of the resolution process, approval of a resolution plan, settlement or withdrawal where legally permissible, recovery or distribution under the applicable process, or commencement of liquidation where resolution fails or liquidation becomes applicable.
- IBBI currently publishes prescribed forms for CIRP, liquidation, pre-packaged insolvency resolution, and related processes.
Forms & filings involved
- Depending on the case, filings may include an application by a financial creditor, operational creditor, or corporate applicant
- Affidavits and supporting documents
- Proof of debt and default
- Creditor claims
- Responses and objections
- Resolution-plan documentation
- Applications before the NCLT
- Applications concerning avoidance transactions or other insolvency issues
- Settlement or withdrawal applications where permissible
- Appeals before the NCLAT
- Other prescribed forms under the IBC and IBBI regulations.
- IBBI's current forms repository includes Forms A, AA, B, C, D, E, F, G and H for the CIRP framework, together with separate forms for liquidation and pre-packaged insolvency resolution processes.
Documents required
- Loan agreements, sanction letters, facility documents, invoices, purchase orders, contracts, financial statements, bank statements, ledger accounts, account confirmations, security documents, guarantees, correspondence concerning default, statutory notices, demand notices, proof of debt and default, corporate incorporation documents, board resolutions, financial records, previous litigation or Tribunal orders, claim-supporting documents, and any resolution-plan or transaction documents relevant to the case.
- The exact documentation depends on whether you are a financial creditor, operational creditor, corporate debtor, resolution applicant, insolvency professional, or another stakeholder.
What we need from you
- Complete details of the creditor or debtor, nature and amount of debt, date and circumstances of default, contractual documents, payment history, notices exchanged, security or guarantee arrangements, existing proceedings, previous settlement discussions, financial records, corporate structure, details of other creditors where available, and all relevant NCLT, NCLAT, or court orders.
- For creditor-side matters, evidence establishing the debt and default should be provided.
- For debtor-side matters, complete financial, operational, asset, liability, and litigation information should be disclosed so that the insolvency position can be assessed accurately.
Important conditions
- IBC proceedings are highly time-sensitive and require strict compliance with statutory procedures, prescribed forms, limitation requirements, evidence requirements, and Tribunal directions.
- The legal strategy depends on the stakeholder's status, nature of debt, existence of default, applicable statutory provisions, security arrangements, prior proceedings, and the current stage of the insolvency process.
- The IBC framework and regulations are subject to continuing amendments, and IBBI issued multiple amendments and process-related circulars during 2026, including amendments concerning CIRP, liquidation, valuation, and filing requirements.
- No admission, recovery amount, resolution-plan approval, settlement, or other specific outcome can be guaranteed.
- Stakeholders must also provide complete and accurate information because insolvency professionals and other process participants are subject to statutory duties and regulatory requirements.
Additional information
- IBC matters may involve multiple interconnected proceedings before the NCLT, NCLAT, Supreme Court, IBBI, information utilities, insolvency professionals, valuers, resolution applicants, creditors, and other stakeholders.
- The applicable process may include Corporate Insolvency Resolution Process, pre-packaged insolvency resolution, liquidation, voluntary liquidation, or proceedings concerning personal guarantors, depending on the circumstances.
- IBBI's current regulatory framework includes updated formats for CIRP, liquidation, pre-packaged insolvency resolution, and personal-guarantor processes, and the 2026 amendments have introduced further changes across several parts of the Code.
- The service should therefore be scoped according to your role and the precise procedural stage, with all advice and filings checked against the law and regulations applicable on the date of action.
The estimated cost covers indicative professional fees only. Government fees, stamp duty and taxes are payable at actuals.
How it works
- 1. Raise a service enquiry describing your requirement.
- 2. A Relationship Manager reviews it and opens it for bidding.
- 3. Pay into escrow and assign the professional you select.
- 4. Track progress to completion, then accept and release payment.
Frequently asked questions
What is CIRP?
The Corporate Insolvency Resolution Process, in which an insolvency professional runs the company while creditors consider resolution plans.
What is the default threshold?
₹1 crore for corporate insolvency.
What is a demand notice under Section 8?
A notice an operational creditor must send before filing; the debtor has 10 days to pay or point out a pre-existing dispute.
What happens if no resolution plan is approved?
The company goes into liquidation.