Practice area

Insolvency and Bankrupty

The Insolvency and Bankruptcy Code (IBC) is considered to be one of the biggest insolvency reforms in India’s economic history.

In 2016, when bad loans were affecting the banking and financial system of the country at large, the government introduced IBC for reorganisation and insolvency resolution for companies.

While the IBC empowered creditors, it has placed a lot of credible companies under the risk of getting shut down or taken over by its financial and operational creditors.

This is where we, at Magnus Legal, come into the picture.

So what do we do?

Our team of advocates at Magnus Legal defend Corporate Debtors across India, helping them successfully avoid the risk of insolvency.

We have filed numerous applications under Section 7 and 9 of IBC on behalf individuals, companies and financial institutions.

Owing to our specialisation in insolvency cases, we have been fortunate enough to successfully represented various public limited companies in high stake matters infront of the NCLT as well as the NCLAT under various sections of IBC.

Infact, we are approached by various Insolvency Resolution Professionals (IRPs) on a regular basis for representation. These IRPs are qualified individuals, certified by Insolvency and Bankruptcy Board of India (IBBI) to take over the management of the company when it is undergoing the CIRP process and make efforts to rehabilitate and restructure the Company.

Thus, in addition to corporates, Magnus Legal also represents IRPs before the NCLT and NCLAT in litigation, drafting and filings related to the insolvency process.

Some cases we have worked on:

– Convinced the NCLAT to set aside the NCLT order for initiation of insolvency proceedings against our client, a real-estate development company, for lack of adequate bench.

– Successfully represented a corporate debtor for an insolvency petition filed by the creditor after the period of limitation, even after receiving full and final settlement of dues.

– Facilitated our client’s discharge out of the CIRP process by convincing the NCLAT of the RPs misconduct in not admitting a settlement with creditors before filing for insolvency.

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