Insolvency and Bankruptcy

OUR PRACTICE

The Insolvency and Bankruptcy Code, along with its Rules and Regulations thereto, since its inception in 2016, has been constantly changing and evolving. AQUILAW offers a solution-oriented practice that is innovative, commercially driven, strategic, and pragmatic in approach. It is in step with the current and anticipated trends.

We are aware that meeting our clients' needs and offering creative, efficient legal services depend heavily on our ability to comprehend their overarching goals and how they relate to business or commercial ramifications.

Successful Corporate Insolvency resolution process and debt restructuring requires knowledge, expertise and understanding of issues along the lifecycle of loans and the debtor’s business. In such distressed situations, we generate optimal and objective solutions by using our detailed commercial understanding of the goals of numerous stakeholders, including banks, lenders, creditors, borrowers, investors, etc.

The foundation of AQUILAWs’ restructuring and insolvency practice’s success is based on the inclusive approach of its team of expert lawyers across various practice areas and Chartered Accountants. The regulatory, corporate, commercial, banking, finance, litigation, M&A, and industry domain experience of our practitioners contributes to the advancement of workable and all-encompassing restructuring solutions.

We offer our clients end-to-end support and guidance at the pre-insolvency phase as well as during the corporate insolvency resolution procedure (advising the committee of creditors, resolution professional or the acquirer) including acquisitions, deal structuring, drafting the resolution plan, conducting legal due diligence, conducting meetings with resolution professionals to address concerns and clarify queries and also drafting applications, replies, rejoinders and appearing at the National Company Law Tribunal, National Company Law Appellate Tribunal or the Hon’ble Supreme Court.

In order to see the acquisition through to completion, we also represent the acquirer before the National Company Law Tribunal and the appellate forums.

Our Service Offerings

Advisory Services during CIRP

  • Advise on any legal issue with regard to taking over the management and affairs of Corporate Debtor by IRP/RP along with any legal issue on vesting of powers of Board of Directors of Corporate Debtor in IRP;

  • Advise in relation to agreements (if any) with advisors and agents that the IRP/RP appoints, along with verification of contracts with third parties that the IRP/RP enters on behalf of the Corporate Debtor;

  • Advise on issues of potential liability for IRP/RP and advising on compliances to be done under IBC and other legislation;

Compliances

  • Assisting with review of creditor claims including resolution of disputes, if any;

  • Advise on any legal issue with regard to any legal action taken or being taken by any creditor and managing the affairs and operations of Corporate Debtor including labour/ workmen issue along with proceedings commenced and continuing by or against the Corporate Debtor or IRP/RP itself in context of IBC proceedings;

  • Advise as required on legal status of assets including security, ownership of any asset of Corporate Debtor including liens, ROT, or other claims;

  • Advise in relation to any loan and security documentation where interim finance is raised; and

  • Advise as may be required regarding IRP/RP communications with stakeholders.

Documentation during CIRP process

  • Attending meetings of the CoC of the Corporate Debtor and assisting the IRP/RP in preparing and verifying the notice for and minutes of CoC meetings;

  • Advising the IRP/RP during CoC meetings on queries put forth by CoC, the Resolution Applicant(s) or their respective legal counsels;

  • Advising on day to day and ongoing legal matters concerning the Corporate Debtor’s business (including any issues pertaining to the workmen) as may be requested by the IRP/RP, including but not limited to, actions that need to be undertaken on behalf of the Corporate Debtor in relation to the Corporate Debtor’s project (if any), reviewing and advising the IRP/RP in relation to agreements entered into by him with third parties on behalf of the Corporate Debtor and in respect of outstanding litigation;

  • Assisting in compiling the data room (physical / virtual) for enabling third party investors and interim finance lenders to conduct due diligence of the Corporate Debtor;

  • Assisting in drafting of Information Memorandum in compliance with the provisions under IBC;

  • Assisting in preparation/review and filling of Transaction Avoidance application on behalf of the IRP/RP with Hon’ble NCLT to seek appropriate directions under IBC;

  • Assisting in reviewing the request for resolution plan in accordance with Regulation 36B of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 and ensuring it complies with the statutory requirements of IBC;

  • Assisting the IRP/RP in review of the resolution plans submitted by the interested parties and verify them as IBC compliant (including Section 29A of IBC compliance check) before placing them before the CoC;

  • Drafting, vetting and finalising reports to be filed by the IRP/RP during his tenure with the Insolvency and Bankruptcy Board of India and Hon’ble NCLT;

  • Review of relevant documents, drafting and filing applications (including progress reports before Hon’ble NCLT), replies, rejoinders, affidavits and such other pleadings before the Hon’ble NCLT or any other judicial forum/ appellate bodies during the CIRP; and

  • Assisting the IRP/RP in instituting /defending legal proceedings (civil or criminal), as applicable on behalf of the Corporate Debtor.

NCLT Proceedings & appearance

  • Advise and appear, on behalf of the IRP/RP, in relation to any applications made before the Hon’ble National Company law Tribunal relating to the CIRP of the Corporate Debtor, for directions under the IBC, including applications under Section 19(2) of the IBC, application under Section 60(5) of the IBC and application filing progress report.

  • Attending hearings in any other forum including the Hon’ble Supreme Court, Hon’ble High Court and the Hon’ble National Company Law Appellate Tribunal;

  • Briefing senior counsel/counsel for appearances before all fora, as and when required.

  • Assisting the IRP/RP in instituting /defending legal proceedings or other dispute resolution process (arbitration, civil or criminal), as applicable on behalf of the Corporate Debtor.

Key Clients

Himadri Speciality Chemical Limited
Birla Tyres Limited
Grant Thornton (Restructuring services)
Dalmia Bharat Refractories Limited
Orbit Towers Private Limited

Notable Deals

Advised a renowned listed company, being the Successful Resolution applicant on compliances to be undertaken under the IBC and/ or the rules and regulations issued by the Insolvency and Bankruptcy Board of India, the Companies Act 2013, Securities and Exchange Board of India with regard to the acquisition of another renowned listed company (“Corporate Debtor”) undergoing Corporate Insolvency Resolution Process

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Drafted, finalized and revised the resolution plan submitted by the successful Resolution Applicant, being a notable listed company, before the Committee of Creditors

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Providing end to end legal assistance to an RP/IRP during CIRP of a renowned company, including advising the IRP/RP during CoC meetings on queries put forth by them, drafting of EOI, for inviting Resolution applicants and filing necessary applications before the Hon’ble National Company Law Tribunal.

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