Best Restructuring & Insolvency Lawyers in Kolkata

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Legal Activist
Kolkata, India

Founded in 2000
50 people in their team
Hindi
English
About UsWe specializes in services for  Divorce Cases, Criminal law, Bail matters, Corporate Law intellectual property rights, patents, trademarks, copyrights and many more fields through our highly trained professionals in Kolkata. We, Legal Activist - Best Lawyers Kolkata, situated at Park...

Founded in 2011
50 people in their team
Hindi
English
Sarkar Legal services is an eminent law firm in Kolkata catering multiple legal services to the Indian citizens. Proficient lawyers, experienced attorneys, notaries and other legal associates of the Indian apex court form the backbone of this judicial enterprise. We are the renowned full services...
Kolkata, India

Founded in 1993
English
Established in 1993, S. Majumdar & Co. is a full-service Intellectual Property firm in India, offering comprehensive legal services in patents, trademarks, industrial designs, copyrights, geographical indications, and trade secrets. The firm also handles domain disputes, licensing, investigations,...
ANR & ASSOCIATES
Kolkata, India

English
ANR & ASSOCIATES is a distinguished law firm based in Kolkata, India, offering a comprehensive suite of legal services across various domains, including matrimonial, civil, criminal, corporate, constitutional, banking, intellectual property, and service laws. The firm's team of seasoned attorneys...
AUGUSTUS LAW
Kolkata, India

Founded in 2011
English
Augustus Law, established in 2011, is a dynamic law firm with offices in Mumbai and Kolkata, dedicated to achieving clients' commercial objectives while ensuring compliance with India's legal and regulatory frameworks. The firm specializes in niche practice areas, including real estate and property...
Kolkata, India

English
Legalglobus Law Firm, headquartered in Kolkata, India, offers a comprehensive range of legal services across multiple practice areas. The firm's expertise encompasses real estate, corporate affairs, banking law, drafting and conveyancing, consumer disputes, criminal law, family disputes, and civil...
Kolkata, India

English
A professional law firm offering expert legal services.
Kolkata, India

English
Suman Karmakar, Advocate, is a distinguished law firm in India renowned for its comprehensive legal expertise across various practice areas. The firm excels in providing services as attorneys, business banking consultants, civil law attorneys, and criminal justice advocates. With an impressive...

Founded in 1993
English
Established in December 1993 by Mr. Paritosh Sinha, Sinha & Company, Advocates has grown into a prominent full-service law firm in India. With offices in Kolkata and New Delhi, the firm offers comprehensive legal services to a diverse clientele, including multinational corporations, public sector...
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About Restructuring & Insolvency Law in Kolkata, India

Restructuring and insolvency laws in Kolkata, India, refer to the legal processes available to companies and individuals facing financial hardships, mounting debts, or bankruptcy. These laws aim to provide a structured framework for financially distressed businesses and individuals to resolve their debts fairly, either through reorganization or winding up of assets. Kolkata, as a major commercial hub in Eastern India, frequently witnesses cases of corporate insolvency, debt restructuring, and liquidation proceedings. The legal regime for such matters is primarily governed by the Insolvency and Bankruptcy Code, 2016 (IBC), along with supporting regulations that deal with the rights of creditors, debtors, and all stakeholders involved.

Why You May Need a Lawyer

Navigating restructuring and insolvency proceedings can be complex, especially given the strict legal timelines and documentation requirements. You may need a lawyer in the following situations:

  • You or your company are unable to pay outstanding debts to creditors.
  • Your business is threatened by legal notices, recovery proceedings, or winding up petitions.
  • You wish to restructure your business to avoid insolvency and reach a settlement with creditors.
  • You are a creditor and want to recover dues from a defaulting company or individual.
  • You are considering the acquisition or purchase of assets from an insolvent entity.
  • You have received a notice from the National Company Law Tribunal (NCLT) regarding insolvency proceedings.
  • You are an employee affected by your employer's insolvency and want to know your rights.

Lawyers specializing in this area can guide you through the legal steps, represent you in insolvency tribunals, draft agreements, and ensure that your interests are protected throughout the process.

Local Laws Overview

The primary legislation relevant to restructuring and insolvency in Kolkata is the Insolvency and Bankruptcy Code, 2016 (IBC). The IBC applies throughout India and provides the legal procedures for insolvency resolution of companies, partnerships, and individuals. Key aspects include:

  • Insolvency Resolution Process - The IBC prescribes a strict timeline for completing corporate insolvency resolution, usually within 180 to 330 days.
  • National Company Law Tribunal (NCLT), Kolkata Bench - Acts as the adjudicating authority for insolvency petitions and proceedings in Kolkata and surrounding areas.
  • Role of Insolvency Professionals - Only registered insolvency professionals can manage the insolvency process, coordinate between creditors and debtors, and oversee asset management.
  • Creditor Rights - Both financial and operational creditors can initiate insolvency proceedings if there is a default above a statutory threshold.
  • Moratorium - Once insolvency proceedings begin, a temporary 'moratorium' is imposed, halting other legal actions against the debtor.
  • Liquidation and Distribution - If restructuring is not possible, debtor assets may be liquidated and proceeds distributed as per statutory priority.
  • Cross-Border Insolvency - While India is yet to have a detailed cross-border insolvency law, the existing framework provides some mechanisms for foreign creditors.

State-specific nuances play a role, especially concerning operational aspects, notification procedures, and workflows at the NCLT, Kolkata Bench. Importantly, regional business practices and the local judicial environment can also impact outcomes.

Frequently Asked Questions

What is the Insolvency and Bankruptcy Code (IBC)?

The Insolvency and Bankruptcy Code, 2016, is a unified law in India that governs the insolvency and bankruptcy process for companies, limited liability partnerships, and individuals. It provides a time-bound and transparent framework for resolving insolvency issues.

Who can initiate insolvency proceedings in Kolkata?

Both financial creditors, such as banks, and operational creditors, such as suppliers and employees, as well as the debtor itself, can initiate insolvency proceedings if a default has occurred over the specified minimum threshold.

What is the role of the National Company Law Tribunal (NCLT) in Kolkata?

The NCLT, Kolkata Bench, acts as the primary adjudicating body for all company-related insolvency and restructuring matters in the region. It hears petitions, oversees the process, and passes appropriate orders.

How long does the insolvency resolution process take?

Typically, the process must be completed within 180 days, with a possible extension of an additional 90 days. For certain cases, such as for real estate companies, the process may be extended further by the tribunal.

What happens to the management of the company during insolvency?

Once the insolvency process is admitted, the existing management loses control, and an Interim Resolution Professional (IRP) or Resolution Professional (RP) is appointed to manage the company and coordinate with creditors.

Can individuals also file for insolvency in Kolkata?

Yes, individuals and partnership firms can file for insolvency under Part III of the IBC, although the implementation of this section is still in phases and subject to notifications by the government.

What is a moratorium in insolvency law?

A moratorium is a legal stay or suspension on all pending and fresh legal proceedings against the debtor, which comes into effect once the insolvency process is admitted. It protects the assets of the debtor during the process.

What options are available if restructuring fails?

If no viable resolution plan is approved by the creditors within the stipulated time frame, the company or individual's assets will be liquidated under court supervision and distributed to creditors according to legal priority.

Can a settlement be reached during the insolvency process?

Yes, if all creditors agree, a settlement or withdrawal of insolvency proceedings may be possible, subject to NCLT’s approval and before the approval of a resolution plan.

How can employees and small creditors protect their rights?

Employees and small creditors can submit their claims to the insolvency professional and participate in the meetings of the committee of creditors. Indian law recognizes their dues and provides a specific priority during distribution of assets.

Additional Resources

If you are seeking more information or guidance, the following resources may be helpful:

  • National Company Law Tribunal (NCLT), Kolkata Bench - Handles insolvency cases for companies and LLPs in West Bengal and nearby regions.
  • Insolvency and Bankruptcy Board of India (IBBI) - Regulates insolvency professionals and maintains updates on insolvency laws and procedures.
  • State Legal Services Authority, West Bengal - Provides free and subsidized legal aid to eligible individuals.
  • Kolkata Bar Association - Can assist in finding qualified lawyers specializing in insolvency matters.
  • Chambers of Commerce (Bengal Chamber, CII, FICCI) - Often conduct workshops, seminars, and offer support to businesses in financial distress.

Next Steps

If you are facing financial distress or believe you may need restructuring or insolvency assistance in Kolkata, consider taking the following actionable steps:

  • Assess Your Situation - Review your debts, obligations, and available assets to understand the scope of the problem.
  • Consult with a Lawyer - Seek advice from a lawyer specializing in insolvency law in Kolkata to discuss your options and risks.
  • Prepare Documentation - Gather all relevant financial records, agreements, and notices received from creditors or authorities.
  • Engage an Insolvency Professional - For formal proceedings, you will need to work with or through a registered insolvency professional.
  • Consider Alternative Solutions - Explore out-of-court settlements, restructuring, or one-time settlements before committing to a formal insolvency process.
  • Act Promptly - Delaying action can worsen your situation or limit available remedies. Time is crucial in insolvency proceedings under Indian law.

Addressing insolvency or restructuring matters can feel overwhelming, but with the right legal guidance and prompt action, you can protect your interests and work towards a fair resolution.

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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.