The Insolvency and Bankruptcy Code was introduced in 2016. With this, the Indian legal system has streamlined all insolvency and bankruptcy law. Individuals and businesses can now seek relief from insolvency without long wait times.
If you are looking for the IBC as it applies to companies, they are adjudicated by the National Company Law Tribunal, commonly known as NCLT. An NCLT lawyer in Delhi can provide corporate insolvency services for companies.
NCLAT and NCLT
The National Company Law Tribunal (NCLT) governs company law matters in India. We provide legal services for all NCLT matters.
The National Company Law Tribunal (NCLT) is a quasi-court for company-related cases. The NCLT hears cases from any person who is a creditor to any company registered under the Companies Act, 2013.
NCLT is now the main tribunal in India that makes legal decisions regarding the bankruptcy of a company. It looks into cases where Limited Liability Partnerships (LLPs), companies and corporations may be considered insolvent. The NCLT’s jurisdiction extends not only to Insolvency and Bankruptcy matters, but also to any other disputes arising between or within a Company registered under the Companies Act, 2013.
Examples of cases that can be brought forward to the NCLT are:
A company or LLPs that defaults and winding up proceedings are needed to be initiated against them.
A person who wants to recover money under the Insolvency and Bankruptcy Code (IBC)
A company which wants to go into a voluntary winding up.
For the time being, the NCLT, does not include individual bankruptcy or income tax related enquiries.
We provide legal services related to insolvency and bankruptcy. Our clients come from Hyderabad and Amaravati, states across India, Dubai and Canada.
Rajbir Singh Bal & Co. is a Delhi law firm that handles company law and commercial law cases based out of New Delhi, India. We provide legal expertise to companies, both Indian and foreign, regarding business laws and regulations in India.
What is Company Law, Corporate Law, and Commercial Law?
One is often faced with the question: what is company law, corporate law, and commercial law. While the three sound similar and interchangeable, they are not. Below, we discuss what the three are, and how the difference between the 3 sets of laws apply to you.
Company Law in India
Let’s begin with Company Law. Company Law is a small but specific part of Corporate Law in India.
Company Law deals entirely with the provisions under the Companies Act 2013. This includes the Act, and further amendments by way of notifications and circulars provided by the government.