Overview

THE REGULATORY ENVIRONMENT

The Insolvency and Bankruptcy Code (IBC) of India, introduced in 2016, has significantly reshaped the country’s insolvency and bankruptcy landscape. Several amendments have been made to the Code to address practical challenges and enhance its effectiveness. These include provisions to streamline the resolution process for small and medium enterprises, safeguards to prevent the misuse of the process, and measures to address the needs of homebuyers in real estate insolvencies. Though the time taken for insolvency resolution has reduced, and the recovery rate for creditors has improved significantly compared to the pre-IBC era, the system still faces challenges such as a high volume of pending cases and the need for more robust insolvency infrastructure and trained professionals. Despite these challenges, the IBC remains a cornerstone in India’s economic and legal reforms, fostering a more disciplined and transparent insolvency regime.

HOW CAN WE SUPPORT YOU?

At ELP, our strength lies in our multidisciplinary approach and our core insolvency team, which consists of experts specializing in insolvency laws, banking practices, litigation, corporate and regulatory backgrounds, and taxation. Our team’s extensive experience in banking, debt restructuring, recoveries, equity capital raising, open offers, distressed M&A activity, and related advisory work equips our clients to navigate the complex landscape of challenges under the Insolvency and Bankruptcy Code (IBC).

Our comprehensive services encompass a wide spectrum, from pre-IBC-related advisory (including review and analysis) to IBC initiation (application process), insolvency process (Corporate Insolvency Resolution Process), liquidation process, implementation of the resolution plan, documentation, corporate, regulatory, and tax compliance, as well as personal insolvency and bankruptcy.

WHO DO WE SERVE?

Our esteemed clientele includes a diverse range of entities, from Corporates and Banks to Financial Institutions, Assets Reconstruction Companies, Operational Creditors, as well as committees and insolvency practitioners. We work across sectors including hospitality, financial services, real estate, technology, e-commerce, oil and gas, energy, and communications.

Services

Pre-IBC Advisory

We offer comprehensive advisory services, covering the appropriate process, due diligence, and strategy formulation. Our experts excel in devising strategies, negotiations with debtors, creditors, and other stakeholders, ensuring you have the best guidance in the pre-IBC phase.

IBC Advisory

Our team provides expert advice to Resolution Professionals, Committee of Creditors, and other stakeholders during corporate insolvency resolution process. We specialize in drafting and vetting resolution plans and offer guidance on avoidance transactions, legal recourse, and the monetization of preferential, undervalued, fraudulent, and extortionist transactions during the Corporate Insolvency Resolution Process (CIRP) and Liquidation stages.

Post-CIRP

At this critical phase which require time bound actions in the light of timeline prescribed under the resolution plan, we support the implementation of resolution plans by providing service on documentation, issuance of securities, debt instruments, creation of securities, corporate and regulatory compliance.

Debt Restructuring

Our advisory extends to advising on acquisition, asset financing, documentation, and the creation of securities. We provide expertise in transaction documents, corporate M & A, and tax planning.

Personal Insolvency

Our insolvency experts are pioneer in the area of personal insolvency. We advise banks and financial institutions on initiation of insolvency proceedings, enforcement of securities during insolvency proceedings. Advising Resolution Professional, Creditors and Debtors, Banks and Financial Institutions on negotiation and finalization of repayment plans.

Due Diligence Services

  1. Lender’s Perspective Due Diligence: Our team conducts meticulous due diligence, providing you with valuable insights and recommendations from a lender’s perspective.
  2. We also offer due diligence services covering corporate and regulatory compliance, as well as property and title searches to ensure a comprehensive understanding of the assets involved.

Documentation

We proficiently draft and negotiate a range of documents, including loan agreements, security documents, restructuring documents, contractual comfort documents, and ancillary documents. This includes process such as security Trustee Arrangements. We provide guidance on the issuance of security instruments post-restructuring, ensuring that your interests are safeguarded.

Tax Planning

We advise on tailored tax planning strategies to put in place in light of debt restructuring, corporate resolution, implementation of resolution plans, liquidation processes, and asset acquisition at the liquidation stage.

Litigation Services

We represent clients effectively before a wide array of legal forums, including the National Company Law Tribunal throughout India, the National Company Law Appellate Tribunal, the Supreme Court of India, and various other courts and tribunals, ensuring that your legal needs are skillfully addressed.

Thought Leadership

News & Media 24th Jun 2024

Insolvency and Bankruptcy Board clampdown on personal guarantors in bid to bolster creditor rights

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News & Media 18th Jun 2024

Revamping IBBI Forms Aim to Streamline Compliance, But Effective Data Utilisation Challenge Remains: Experts

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News & Media 12th Jun 2024

IBBI proposes reducing compliance burden, simplifying forms for RPs

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Articles 31st May 2024

Balancing Act: Navigating the Entitlement and Dissent of Secured Creditors in India’s Insolvency Framework

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Articles 27th May 2024

Revamping India’s Insolvency Framework: Challenges, Trends, and Strategic Improvements

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News & Media 14th May 2024

Why Banks seek clarification on RBI’s draft prudential framework on Project Finance?

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News & Media 10th May 2024

Go First revival in further jeopardy as the airline may lose airport slots, international flying right

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News & Media 29th Apr 2024

Go First in peril as Delhi HC allows lessors to repossess aircraft

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Recent Matters

Restructuring and Bankruptcy

Advising Indian Overseas Bank in initiating the CIRP for AMW Motors Limited and AMW AutoComponent Limited.

Advising Indian Overseas Bank in initiating the CIRP for AMW Motors Limited and AMW AutoComponent Limited.
Restructuring and Bankruptcy

aAdvising the Committee of Creditors consisting of large public sector banks (over 20) on the resolution plans received under the...
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aAdvising the Committee of Creditors consisting of large public sector banks (over 20) on the resolution plans received under the insolvency resolution process of a large infrastructure company handling huge road projects in India, with debt size of over USD 2 billion.
Restructuring and Bankruptcy

Advising the Resolution Professional on the insolvency process of Reliance Naval and Engineering Limited.

Advising the Resolution Professional on the insolvency process of Reliance Naval and Engineering Limited.
Restructuring and Bankruptcy

Assisting   CRH PLC (acting as prospective resolution applicant) in preparing the resolution plan for Binani Cements Limited.

Assisting   CRH PLC (acting as prospective resolution applicant) in preparing the resolution plan for Binani Cements Limited.
Restructuring and Bankruptcy

Advised a Stressed Asset Acquisition Platform during their bidding process under the IBC for a coal-based power plant in Chhattisgarh.

Advised a Stressed Asset Acquisition Platform during their bidding process under the IBC for a coal-based power plant in Chhattisgarh.
Restructuring and Bankruptcy

Advising the Resolution Professional in the CIRP of a prominent Indian automotive company.

Advising the Resolution Professional in the CIRP of a prominent Indian automotive company.
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People

Recognitions

What People Say

Negotiations are smooth while these individuals are on call with the counterparties and they make sure that our intent and interests are captured in the documents. Also they are one firm which we have seen are able to cater to our needs across all states in India.

AsiaLaw

Negotiations are smooth while these individuals are on call with the counterparties and they make sure that our intent and interests are captured in the documents. Also they are one firm which we have seen are able to cater to our needs across all states in India.

IFLR 1000

The team reverted in time and made sure that the complex transactions are smoothly executed without any complications. The firm has a strong banking and finance and real estate practice. They have a solution-oriented approach.

AsiaLaw

Precise and to the point advisory services. Good and up to date knowledge of laws and market practice.

AsiaLaw

Clients appreciate the firm’s efficient service, saying that “the teams work seamlessly with each other to provide the best services.

Chambers Asia Pacific

They understand the requirements of the bank,” says a client, “as well as the business and have always been able to provide solutions in a transaction.

AsiaLaw