Insolvency & IBC Lawyer in Odisha
Insolvency proceedings under the Insolvency and Bankruptcy Code, 2016 are initiated before the NCLT — by a financial creditor under Section 7, an operational creditor under Section 9, or the corporate debtor itself under Section 10. Advocate Debarchana Samal represents creditors and debtors in these filings, Committee of Creditors matters, and personal guarantor insolvency, distinct from SARFAESI recovery which operates outside the IBC framework.
Reviewed by Advocate Debarchana Samal, Bar Council of Odisha · Reg. No. O-1812/2023
NCLT Representation
Insolvency & Bankruptcy Code Services
Whether you are the one filing or the one defending, each stage of the IBC process carries strict timelines.
Section 7 Financial Creditor Applications
Filing or defending applications by a financial creditor seeking to initiate the Corporate Insolvency Resolution Process over a loan default.
Section 9 Operational Creditor Applications
Representing operational creditors — suppliers, vendors, service providers — in recovering outstanding dues through insolvency proceedings, after the mandatory demand notice stage.
Section 10 Corporate Applicant Filings
Advising a corporate debtor on voluntarily initiating its own insolvency resolution process where the company itself seeks protection and restructuring.
Committee of Creditors Representation
Representing a creditor's interests within the Committee of Creditors during evaluation and voting on a resolution plan.
Personal Guarantor Insolvency
Handling insolvency applications against personal guarantors to corporate debtors under Part III, Sections 94 and 95 of the Code.
Resolution Plan & Liquidation Disputes
Advising on objections to a resolution plan's approval or challenging the transition of a corporate debtor into liquidation where the resolution process fails.
Is This the Right Page?
A Related but Distinct Matter
This page covers IBC proceedings before the NCLT. Secured-creditor recovery outside insolvency is a separate mechanism.
Frequently Asked Questions
Who can file an insolvency application against a company?
Under the Insolvency and Bankruptcy Code, 2016, a financial creditor can file under Section 7, an operational creditor under Section 9 after serving a demand notice and waiting ten days, and the corporate debtor itself under Section 10. Each category has a different evidentiary threshold before the NCLT admits the application.
What happens once the NCLT admits an insolvency application?
Once admitted, a moratorium under Section 14 comes into effect, suspending suits, recovery actions, and asset transfers against the corporate debtor. An interim resolution professional takes over management, and a Committee of Creditors is formed to evaluate resolution plans within the statutory timeline, generally 330 days including extensions.
How is personal guarantor insolvency different from company insolvency?
Personal guarantor insolvency is governed by Part III of the Code and is filed before the NCLT having jurisdiction over the corporate debtor, rather than before the Debt Recovery Tribunal that handles other individual insolvency matters. A creditor can proceed against a personal guarantor even after or alongside the corporate debtor's insolvency resolution, subject to the facts of the guarantee.
Is SARFAESI action possible once insolvency proceedings have started?
No — once a moratorium is imposed under Section 14 of the IBC, a secured creditor cannot continue or initiate SARFAESI enforcement against the corporate debtor's assets, since recovery actions outside the insolvency process are generally barred during this period. This is one of the key distinctions between IBC proceedings and SARFAESI, which otherwise operates independently of the Code.
Can an admitted insolvency application be withdrawn or settled?
Yes, under Section 12A, an application can be withdrawn with the approval of ninety percent of the Committee of Creditors by voting share, typically where the debtor and creditor have reached a settlement. Whether withdrawal is granted depends on the stage of the proceedings and the NCLT's assessment of the facts.
Related Legal Services
Commercial & Consumer Law
Schedule Your Legal Consultation Today
Every legal matter has a time-sensitive dimension — the sooner you seek counsel, the stronger your position.
Serving clients across Cuttack, Bhubaneswar, and all districts of Odisha.