India · NCLT and IBC
Insolvency petitions under sections 7, 9 and 10 of the IBC, claims and forensic reviews in a CIRP, oppression and mismanagement petitions under the Companies Act, and appeals to the NCLAT.
The National Company Law Tribunal hears two kinds of case that matter most to businesses: insolvency under the Insolvency and Bankruptcy Code, 2016, and company disputes such as oppression and mismanagement under the Companies Act, 2013. An insolvency petition needs a default of at least Rs 1 crore. Section 7 is for financial creditors, section 9 for operational creditors after a demand notice, and section 10 for the company itself. Appeals under the IBC go to the NCLAT within 30 days.
Applications under sections 7, 9 and 10, with the default, the debt and the record of default proved from the books and the information utility.
Replies showing a pre-existing dispute, payment, or a default below the threshold, and settlement before admission.
Preparation and proof of claims, and challenges to their admission or rejection.
Forensic review for preferential, undervalued, extortionate and fraudulent transactions under sections 43 to 66 of the IBC.
Petitions and replies under sections 241 and 242 of the Companies Act, built on the company’s accounts and records.
Appeals to the National Company Law Appellate Tribunal, where chartered accountants may appear under section 432 of the Companies Act.
Debt, default and dates from primary records before anything is filed.
IBC, Companies Act, arbitration or a commercial suit, by what each can achieve.
Pleadings, written submissions and hearings, through counsel where needed.
NCLAT within the time limit, or a settlement that closes the matter.
Insolvency and oppression cases turn on the accounts. We prepare them to be read by the Bench.
Economic offence and serious fraud investigations against companies and directors.
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Explore →| Route | Applicant | Threshold and conditions | Key evidence |
|---|---|---|---|
| Section 7 | Financial creditor | Default of Rs 1 crore or more on a financial debt; for real estate allottees, at least 100 allottees or 10% of the total | Record of default, usually from an information utility |
| Section 9 | Operational creditor | Demand notice under section 8; 10 days to pay or show a pre-existing dispute | Invoices, demand notice and proof of non-payment |
| Section 10 | The corporate debtor | Default of Rs 1 crore or more; special resolution of shareholders or approval of partners | Books of account and the proposed resolution professional |
| Stage | Provision | Time limit or rule |
|---|---|---|
| Admission | Section 7(5) as amended | Within 14 days of the application, once the amendment is in force; reasons recorded for any delay |
| Moratorium | Section 14 | From admission; suits, enforcement and recovery against the debtor are stayed |
| Resolution | Section 12 | 180 days, extendable by 90 days; outer limit 330 days including litigation |
| Plan approval | Section 30 | 66% of the committee of creditors by voting share |
| Withdrawal after admission | Section 12A | 90% of the committee of creditors |
| Appeal to NCLAT | Section 61 | 30 days, plus 15 days for sufficient cause |
| Appeal to Supreme Court | Section 62 | 45 days, plus 15 days for sufficient cause |
The Insolvency and Bankruptcy Code (Amendment) Act, 2026 received Presidential assent on 6 April 2026, and most of its provisions took effect on 26 May 2026. It narrows the Tribunal’s discretion at admission, adds a creditor-initiated insolvency resolution process in which the debtor’s management stays in place under a resolution professional’s supervision, creates a framework for group insolvency, and puts a time limit on liquidation. Parts of the Act depend on further notifications and regulations, so the commencement position should be checked on the date of filing.
Sections 241 and 242 of the Companies Act let members seek relief where the company’s affairs are conducted in a manner oppressive to them or prejudicial to the company or the public interest. The Tribunal’s powers are wide: regulating the conduct of affairs, ordering a buy-out of shares, removing directors, setting aside transactions and more. Eligibility under section 244 is set out in the FAQ below. These cases are won on records: board minutes, share registers, related-party transactions and the money trail.
Resolution professionals must look for avoidance transactions: preferential transactions under section 43, undervalued transactions under section 45, extortionate credit under section 50, and fraudulent or wrongful trading under section 66. We prepare transaction audit reports for resolution professionals and creditors, and defend directors and counterparties against such applications.
Chartered accountants, company secretaries, cost accountants and advocates can all appear before the NCLT and the NCLAT under section 432 of the Companies Act. Supreme Court appeals and related criminal proceedings need an advocate. LexVerge prepares and argues Tribunal matters and briefs counsel for the courts.
Prepared by the LexVerge editorial team and reviewed by Vijay Dhawan, Managing Partner, on 11 October 2026. Facts checked against the Acts, rules, regulations and judgments cited on this page on 11 October 2026. General information, not legal advice: deadlines run from the date of your notice or order, so confirm them for your matter.
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