Existing user? Sign in
Share your needs with us, get contacted by law firms.
Free. Takes 2 min.
Restructuring and insolvency law in Gandhinagar operates under a national framework designed to address corporate and individual debt distress. The central statute is the Insolvency and Bankruptcy Code, 2016 (IBC), which provides time-bound processes to resolve insolvency, maximize value for creditors, and support viable businesses where possible.
In Gandhinagar and the state of Gujarat, stakeholders typically engage through the National Company Law Tribunal (NCLT) for corporate insolvency matters, with the Insolvency and Bankruptcy Board of India (IBBI) regulating approved insolvency professionals who guide the process as Interim Resolution Professionals or Resolution Professionals. Local courts and regulatory bodies work in tandem with the IBC framework to implement restructuring or liquidation outcomes.
“The IBC provides a time-bound framework for resolving insolvency and maximizing value for creditors.”Source: IBBI
For Gandhinagar residents and businesses, understanding the IBC basics helps set expectations about costs, timelines, and possible outcomes. Consulting a local lawyer who specializes in restructuring and insolvency can clarify how the national framework applies to your Gujarat-based situation.
The core framework governing restructuring and insolvency in Gandhinagar is the Insolvency and Bankruptcy Code, 2016 (IBC). The Code provides for corporate insolvency resolution, liquidation, public audits, and creditor rights within a defined time period. It has been subject to amendments to improve clarity and efficiency, including provisions for faster resolution and new processes like PPIRP for corporate debtors.
Key statutes and regulations to know in Gandhinagar include:
The IBC came into effect in 2016, with President assent around May 2016 and operative implementation later that year. In Gujarat, you may also encounter local court and bench decisions guiding CIRP practice within the Gandhinagar region. For ongoing updates, consult official sources from the central government and regulatory bodies.
Recent changes and trends are reflected in official communications from IBBI and the Ministry of Corporate Affairs (MCA). These sources explain the scope of PPIRP and the evolving framework for insolvency proceedings in India, including Gujarat. See the following authoritative resources for more detail:
“The IBC framework is designed to promote resolution over liquidation and to preserve value for creditors, while providing a structured path for corporate distress.”
The IBC provides time-bound processes to resolve corporate insolvency and regulate personal insolvency. In Gandhinagar, cases are typically filed before the National Company Law Tribunal or its Gujarat-adjacent benches, with creditors and debtors required to follow standardized timelines.
To start a CIRP, you file an application with the NCLT indicating default and seeking admission of the insolvency process. You must attach a resolution plan or evidence supporting the need for CIRP and appoint a Resolution Professional once admitted.
The Interim Resolution Professional acts as the initial administrator, protects assets, and forms the Committee of Creditors. They coordinate with creditors, manage operations, and prepare for the eventual appointment of a full Resolution Professional.
IBC processes target 180 days for completion, with possible extensions. In practice, timelines can extend due to objections, appeals, or complex creditor negotiations. Local court practices can influence durations in Gandhinagar.
Local knowledge matters for court practices and interlocutory matters. A lawyer based in Gandhinagar or Gujarat who handles IBC matters can provide timely guidance and attend hearings when needed.
Costs vary with case complexity, counsel rates, and court time. Expect fees for initial consultation, drafting of pleadings, professional appointment, and potential court appearances. A detailed engagement letter helps manage expectations.
If CIRP fails or results in liquidation, the NCLT appoints a Liquidator to wind up assets and distribute proceeds to creditors in a defined priority order.
Financial creditors provide or hold money through loans or credit, while operational creditors are suppliers or service providers. The IBC treats these creditor classes differently in voting and approval of resolution plans.
Yes. The IBC allows individuals and partnerships to seek a resolution or discharge through a structured process, subject to eligibility and asset considerations. The procedures and timelines differ from corporate CIRP.
You can appeal to the NCLAT after a NCLT order, typically within a specified time frame. Legal counsel helps prepare the appellate record, file the appeal, and represent you in hearings.
Common documents include financial statements, statements of default, details of creditors, security interests, contracts, employee information, and asset lists. A lawyer helps compile and organize these for filing.
PPIRP provides a faster, pre-arranged resolution path for eligible corporate debtors. A local lawyer can assess eligibility, coordinate with creditors, and help implement the plan under IBC guidance.
Lawzana helps you find the best lawyers and law firms in Gandhinagar through a curated and pre-screened list of qualified legal professionals. Our platform offers rankings and detailed profiles of attorneys and law firms, allowing you to compare based on practice areas, including Restructuring & Insolvency, experience, and client feedback.
Each profile includes a description of the firm's areas of practice, client reviews, team members and partners, year of establishment, spoken languages, office locations, contact information, social media presence, and any published articles or resources. Most firms on our platform speak English and are experienced in both local and international legal matters.
Get a quote from top-rated law firms in Gandhinagar, India — quickly, securely, and without unnecessary hassle.
Disclaimer:
The information provided on this page is for general informational purposes only and does not constitute legal advice. While we strive to ensure the accuracy and relevance of the content, legal information may change over time, and interpretations of the law can vary. You should always consult with a qualified legal professional for advice specific to your situation.
We disclaim all liability for actions taken or not taken based on the content of this page. If you believe any information is incorrect or outdated, please contact us, and we will review and update it where appropriate.
