Our team includes counsels, associates and paralegals who work as an extension of our clients’ team.
Some of the key members include:
CIRP | PPIRP |
Applicability | |
Applicable for all Individuals, Partnerships, LLP, Body Corporates | Applicable for MSMEs registered under Section 7 of the MSME Act, 2006 |
Eligibility to file the application to Adjudicating Authority | |
Financial creditors, Operational Creditors and Corporate Debtor can initiate CIRP | Corporate Debtor alone can initiate PPIRP |
Default amount | |
INR 1 crore (due to pandemic) | INR 10 lakhs |
Control and Management of the Corporate Debtor | |
Creditor-in-possession regime | Debtor-in-possession regime |
Time allowed to conclude the process | |
180 days + 90 days Extension | 120 days |
Preparation of Resolution Plan | |
RP prepares the Resolution Plan after taking into account all claims from Creditors | Corporate Debtor prepares the Base Resolution plan which may be revised as suggested by Financial Creditors and RP to include new claims identified. |
Role of NCLT | |
NCLT is involved in appointment of RP and approval of resolution plan from CoC | NCLT only adjudges the resolution plan after CoC approves it. |