In brief
When a company cannot pay, or a bank moves on its security, the case leaves the ordinary civil court. It goes to the NCLT, to action under the SARFAESI Act, or to the DRT and the DRAT. We appear for creditors, debtors, and the professionals who run the process.
Discuss this matter
NCLT
Insolvency, restructuring, and disputes between shareholders.
SARFAESI
Demand, possession, valuation, and sale of secured assets.
DRT and DRAT
Recovery applications, challenges by borrowers, and appeals.
The brief
What clients ask us
Choose a question. The answer sets out the work we actually take in this practice, in plain language.
Answer
A corporate insolvency resolution process is a timed proceeding with a specific role for every party. We file, and we defend, according to which side of that process you are on.
- CIRP applications for financial creditors, operational creditors, and corporate debtors
- Representation of secured and unsecured creditors
- Voluntary winding up and liquidation
- Advice and appearance for interim resolution professionals, resolution professionals, and liquidators
What do you do in a corporate insolvency before the NCLT?
Answer
A corporate insolvency resolution process is a timed proceeding with a specific role for every party. We file, and we defend, according to which side of that process you are on.
- CIRP applications for financial creditors, operational creditors, and corporate debtors
- Representation of secured and unsecured creditors
- Voluntary winding up and liquidation
- Advice and appearance for interim resolution professionals, resolution professionals, and liquidators
Do you act in restructuring and shareholder disputes?
Answer
The tribunal is not only an insolvency court. Mergers, capital, the register of members, and oppression inside a company are heard there as well.
- Mergers, amalgamations, and corporate restructuring
- Oppression and mismanagement
- Rectification of the register of members
- Reduction of share capital
- Revival of dormant or struck-off companies
- Transfer of shares and debentures
- Revision of financial statements, and auditor appointment or removal
- Corporate governance, and appeals before the NCLAT
- Due diligence on transactions and insolvency issues
How do you conduct a recovery under the SARFAESI Act?
Answer
SARFAESI lets a secured creditor move without first obtaining a decree, but only if each statutory step is done in order. We guide banks and NBFCs through that sequence, and we tell borrowers where a step has gone wrong.
- Recovery of non-performing assets by banks and NBFCs
- Demand notices under section 13(2)
- Classification of the account as an NPA
- Objections by the borrower to the demand
- Possession under section 13(4)
What happens after the asset is taken?
Answer
Possession is not the end of the recovery. The asset has to be valued, sold or otherwise dealt with, and the creditor has to stay inside the limits of the Act.
- Valuation of seized assets
- Auctions of secured assets
- Lease, sale, or assignment
- Enforcement against borrowers, guarantors, and third parties
- Debt-to-equity conversion by banks and asset reconstruction companies
- Applications before the DRT under section 17
- Documentation, and the limits on what the Act allows
What do you do at the DRT and the DRAT?
Answer
The Debt Recovery Tribunal is where banks and financial institutions sue for debts above the statutory threshold, and where borrowers challenge SARFAESI action. The appellate tribunal hears what comes next.
- Original applications for debts that meet the tribunal's pecuniary limit
- Recovery certificates, and their enforcement
- Borrower applications under section 17 of the SARFAESI Act
- Appeals to the DRAT, including delay and court-fee questions
- Appeals against orders of the Recovery Officer
- Settlements and restructuring discussed before the tribunal
- Appearance for public sector banks, multinational banks, institutions, and individual or NRI clients
- Defence of borrowers facing recovery that is improper, or that amounts to harassment
The path
How a matter moves
01
Which statute applies
We sort the facts into IBC, SARFAESI, or a recovery application, because the forum follows that choice.
02
The statutory step
Notices, objections, and filings are prepared so a later challenge does not turn on a missing formality.
03
The hearing
We appear before the NCLT, the DRT, or the appellate forum the order belongs to.
04
What the order allows
Possession, a plan, a certificate, or an appeal is carried out, or resisted, according to the order actually passed.
Before you instruct us
Questions on this practice
Can a borrower challenge a SARFAESI notice?
Yes. Objections to the demand, and a section 17 application after measures are taken, are both part of this practice. The deadline is short, so the papers should be read as soon as the notice arrives.
Do you act only for banks?
No. Creditors, corporate debtors, guarantors, resolution professionals, and individual borrowers, including NRIs, all instruct this chamber.
Is a one-time settlement something you will discuss?
Yes, where the bank or the borrower wants a number on the table before the asset is sold or the plan is voted. A settlement is negotiated against the recovery that the statute already allows.
Can an NCLT order be taken further?
Appeals lie to the NCLAT. We prepare that appeal from the order and the record, not from a fresh telling of the dispute.
What should a director bring to the first meeting?
The loan documents, the latest notice, the board's position on the default, and any valuation already in hand. We can start without a complete set, but the notice date matters.
These answers describe the practice. They are not advice on the facts of your matter.
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