When Financial Distress Strikes: How to Find the Best NCLT Lawyer in India

Facing company insolvency in India is stressful creditors knocking, employees anxious, and the looming threat of liquidation can feel overwhelming. In such times, finding the best NCLT lawyer is crucial. This article explains the role of an NCLT lawyer, key legal provisions under the Insolvency and Bankruptcy Code, 2016 (IBC), common challenges, practical steps, and remedies to safeguard your business and personal interests.

Understanding the NCLT and Its Role in Corporate Insolvency-Best NCLT Lawyer

The National Company Law Tribunal (NCLT) is the statutory authority for resolving corporate disputes and insolvency cases in India. Acting as the Adjudicating Authority under the IBC, the NCLT oversees Corporate Insolvency Resolution Processes (CIRP), liquidation proceedings, and other corporate disputes across its benches in major cities.

A competent NCLT lawyer guides businesses and creditors through these proceedings, ensuring compliance with IBC timelines and maximising recovery.

Key Sections under IBC to Know:

Section 7: Financial creditors can initiate CIRP against defaulting companies.
Section 9: Operational creditors, like suppliers or vendors, can trigger CIRP for unpaid dues after issuing a demand notice.
Section 10: Corporate debtors can self-initiate insolvency proceedings if they cannot meet obligations.

The best NCLT lawyer leverages expertise in these sections, judicial interpretations, and procedural rules to protect your interests.

Common Challenges in Company Insolvency Cases

Businesses and creditors face several obstacles that highlight the importance of expert NCLT lawyers:

Strict Timelines: CIRP must conclude within 180 days, extendable up to 330 days. Delays can reduce recovery and value.
Complex Committee of Creditors (CoC) Decisions: Conflicts between secured and unsecured creditors may complicate approvals.
Asset Valuation and Financial Complexity: Understanding balance sheets, asset valuation, and financial projections is essential to prepare effective petitions and resolution plans.

Recent cases, such as Bhushan Power & Steel Ltd and Mansi Brar Fernandez vs. Subha Sharma, demonstrate how proper legal guidance can prevent undervalued plans or speculative creditor misuse, ensuring fair and timely resolutions.

How to Find the Best NCLT Lawyer in India

Finding the right lawyer can change the outcome of insolvency proceedings:

Specialisation Matters: Prioritise lawyers experienced in NCLT and IBC matters over general corporate practitioners.
Track Record: Check past successes in representing financial creditors, operational creditors, or corporate debtors.
Financial Acumen: Your lawyer should understand accounting, valuation, and corporate finance in coordination with Chartered Accountants and Resolution Professionals.
Tribunal Presence: A strong presence in the specific NCLT benches where your case will be heard is crucial.

Practical Steps and Legal Remedies

Actionable Steps:

Gather Documentation: Collate invoices, contracts, bank statements, and communication proving debt or financial distress.
File Timely Petitions: Engage your NCLT lawyer immediately upon default notices.
Coordinate with Professionals: Work closely with Resolution Professionals and financial advisors for accurate submissions.

Legal Remedies:

Initiate CIRP via Section 7, 9, or 10 depending on your role (creditor or debtor).
Seek moratorium protection to prevent creditor actions during CIRP.
Challenge unfair plans via NCLAT appeals or court interventions.
Ensure compliance to avoid penalties for ‘avoidable transactions’ like undervalued or preferential transfers.

Things to Avoid

Do Not Delay Filing: Waiting for liquidation limits recovery options.
Avoid Asset Transfers or Fraudulent Transactions: These can attract penalties and jeopardise claims.
Do Not Rely on Non-Specialists: Ensure your NCLT lawyer has a proven track record in insolvency cases.

Conclusion

Company insolvency is daunting, but India’s IBC provides a structured path to recovery or liquidation. Securing the best NCLT lawyer ensures strategic guidance, compliance with procedural timelines, and maximised recovery. Be proactive, gather proper documentation, and choose counsel experienced in NCLT proceedings to navigate this challenging journey successfully.

Disclaimer

This article is for informational purposes only and does not constitute legal advice. Please consult a qualified legal professional for specific guidance.

About Tigde Law Firm

Tigde Law Firm is recognised among the top 10 law firms in India, offering full-service legal expertise in complex areas including EOW, ED, corporate law, property, builder disputes, divorce, civil, commercial, and criminal cases. Headquartered in Thane with offices across Mumbai and Navi Mumbai, Tigde Law Firm serves clients nationwide with a strong team of over 100 lawyers. From local courts to the High Court and Supreme Court, TLF leads with trusted, result-driven advocacy.

Founded by Sachin Subhash Tigde and Shubhash Tigde, both experienced High Court lawyers in Maharashtra with a legacy of over 45 years and second-generation expertise, the firm has handled more than 5,000 cases. With 50+ in-house advocates across Mumbai, Navi Mumbai, and Thane, Tigde Law Firm is widely regarded as the best law firm in Thane and home to some of the most reliable advocates and lawyers in Thane. Specialising in property and redevelopment matters, RERA compliance, society disputes, divorce, NCLT, civil, criminal, corporate, and IP law, TLF delivers clarity and confidence to clients facing complex legal challenges.

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