Insolvency & Restructuring Counsel, From First Default to Final Resolution
LawCrust runs the full distress lifecycle on every side of the table: pre-IBC workouts, OTS and RBI-framework restructuring, CIRP filings under Sections 7, 9, 10, and 95, the new creditor-initiated process (CIIRP) under the 2026 Amendment, resolution-plan drafting and Committee of Creditors strategy, Section 32A clean-slate acquisitions, liquidation, personal-guarantor proceedings, and cross-border distress coordination. We choose the route first, workout, OTS, SARFAESI, DRT, arbitration, CIRP, or CIIRP, then execute it for enterprise preservation and creditor value. Turnaround and resolution-plan business strategy runs with our group brand Solvencis; non-recourse litigation finance for qualified recoveries through FundMyCase.
Scope of Work
What We Deliver Under Insolvency & Restructuring (IBC).
The named, recurring work an enterprise client engages us for in this practice. Adjacent matters are common, scoped on the call.
- Pre-IBC strategy and workouts: RBI Prudential Framework restructuring, master restructuring and standstill agreements, OTS negotiation, and refinancing
- CIRP initiation and admission: Section 7, 9, and 10 petitions and defence, demand-notice and pre-existing-dispute strategy, and Section 12A withdrawals
- Creditor-initiated process (CIIRP) under the 2026 Amendment: initiation thresholds, out-of-court commencement, debtor-in-possession oversight, and conversion to CIRP
- RP and CoC operations: managed ALSP claim verification, audit-ready voting matrices, EOI/RFRP/IM drafting, interim-finance structuring, and CoC meeting management
- Distressed M&A and resolution plans: buy-side diligence, Section 30-compliant plan drafting, Section 32A clean-slate structuring, and pre-pack (PPIRP) for MSMEs
- Avoidance transactions: preferential, undervalued, extortionate, and fraudulent (PUFE) analysis and applications, asset tracing, and FundMyCase funding on qualified claims
- Liquidation and asset realisation: auction design, going-concern sales, Section 52 secured-creditor elections, Section 53 waterfall, and voluntary liquidation
- Personal guarantors: Sections 95-100 proceedings on either side, repayment plans, and interplay with guarantee enforcement
- Appeals, enforcement, and cross-border: NCLAT and Supreme Court strategy, High Court writs, foreign-creditor claims, and group and cross-border coordination, all advocacy through panel advocates
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About the app →How we compare
The Difference Is the Operating Model, Not Just the Price.
| Variable | Large IBC firms | Recovery litigation firms | Generic consultants | The LawCrust way |
|---|---|---|---|---|
| Buyer fit | Built for mega-CoC, RP, and headline stressed-asset mandates. | Court-first, one forum at a time. | Financial modelling, light on statutory enforceability. | Mid-market creditors, debtors, applicants, RPs, and guarantors, at proportionate cost. |
| Route choice | IBC-first framing. | Forum where they practise. | Not covered. | Framework-driven selection across workout, OTS, SARFAESI, DRT, arbitration, CIRP, and CIIRP. |
| Claims & process volume | Partner-led, high-cost. | Not built for scale. | No operational infrastructure. | Managed ALSP claim engine: verification, voting matrices, IM/RFRP drafting, and VDR operations. |
| Turnaround strategy | Legal-only lens. | Not covered. | Strategy without legal execution. | Legal execution by LawCrust, business turnaround and plan strategy with Solvencis. |
| Avoidance & funding | High upfront spend to fight PUFE actions. | Cash-upfront retainers. | None. | PUFE litigation with non-recourse finance through FundMyCase on qualified claims. |
| Cross-border | Ad-hoc coordination. | Domestic only. | None. | India-side execution with local-qualified counsel on foreign-asset and foreign-creditor matters. |
Who it's for
The Buyer Profile.
Commercial banks, NBFCs, ARCs, and private credit sponsors; operational creditors; corporate debtors and promoters; resolution applicants and distressed investors; resolution professionals and liquidators; personal guarantors; and foreign creditors and investors. We advise every stakeholder on separate, non-conflicting mandates, with conflict checks at intake and any time scope expands.
Regulators & Frameworks
Bodies and frameworks we operate under.
- IBC 2016 (amended 2026)
- IBBI
- NCLT / NCLAT
- RBI Prudential Framework
- SARFAESI / CERSAI
- DRT / DRAT
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Financial Creditors & CoC Members
Banks, NBFCs, ARCs, and private credit funds: Section 7 strategy, the CIIRP route, CoC representation, voting strategy, and dissenting-creditor protection.
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Operational Creditors
Vendors, EPC contractors, and service providers: demand notices, Section 9 petitions, and claim protection inside a live CIRP.
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Corporate Debtors & Promoters
Pre-IBC workouts, Section 10 strategy, admission defence, MSME pre-pack (PPIRP) execution, and settlement and withdrawal routes.
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Resolution Applicants & Distressed Investors
Bid strategy, diligence, Section 29A clearance, Section 30-compliant plans, Section 32A clean-slate structuring, and 100-day transition.
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Resolution Professionals & Liquidators
Managed co-counsel for claims verification, voting matrices, IM and RFRP drafting, PUFE applications, auction design, and Section 53 distribution.
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Personal Guarantors
Section 95 proceedings on either side: creditor invocation strategy and guarantor defence, repayment plans, and coordination with the corporate process.
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Foreign Creditors & Investors
Claim filing and CoC participation in Indian proceedings, and distressed entry into India as the cross-border framework takes statutory shape.
The framework
The Distress Recovery Framework: Six Lenses Before Any Filing.
01 · Liquidity
Cash runway, working-capital position, and whether the business can trade through a workout.
02 · Security
What is actually charged, perfected, and enforceable, and what a SARFAESI or DRT route would realise.
03 · Creditor Position
The debt stack, inter-creditor dynamics, voting arithmetic, and whether thresholds for CIIRP, an ICA, or a CoC majority exist.
04 · Legal Risk
Limitation, default dating, dispute records, Section 29A exposure, avoidance-transaction risk, and moratorium interplay.
05 · Resolution Probability
Realistic buyer universe, asset marketability, going-concern viability, and plan-approval likelihood on current tribunal timelines.
06 · Recovery Outlook
Scenario-based recovery ranges across each available route, so the route chosen is a commercial decision, not a procedural default.
Critical areas
Where Distress Matters Are Won and Lost.
The route chosen at the start
Filing a Section 7 when an OTS would preserve more capital, or negotiating for a year when the Code was the leverage, is the most expensive mistake in this practice. The Distress Recovery Framework exists to prevent it.
Limitation and default dating
Recovery claims die quietly on limitation, acknowledgment, and default-date questions. We build the default record before filing.
The operational creditor dispute trap
A pre-existing dispute defeats a Section 9 petition. We test the dispute record on both sides before the notice goes out.
Claims that miss the process
A claim filed late, badly evidenced, or in the wrong category can be extinguished when the plan is approved. Our ALSP claim engine is built for audit-ready verification on both fronts.
Section 29A eligibility
Applicant disqualification discovered late kills bids and wastes process time. We run forensic pre-vetting before the EOI, not after.
Plan finality and the clean slate
The market spent 2025 learning what happens when finality wavers, and the Supreme Court course correction restored it. We draft plans and Section 32A protection to the standard that decision demands.
The moratorium reach
What Section 14 stays, what it does not, and how it interacts with SARFAESI, personal guarantees, and arbitration decides recovery strategy on every side. We plan around it, not into it.
Delayed avoidance actions
PUFE applications filed late without forensic support fail at hearing. We initiate forensic analysis early, with funding available for meritorious claims.
Engagement & retainer models
Structured, Scoped Models Instead of Open-Ended Hourly Billing.
Enterprise Restructuring Counsel
Workouts, MRA and ICA negotiation, and OTS execution.
Creditor Recovery & CoC Desk
Petitions, voting strategy, and NCLT litigation management for lenders.
RP Legal Operations ALSP Desk
Claims verification, voting matrices, IM/RFRP, and VDR management.
Distressed M&A Resolution Desk
Diligence, plan drafting, Section 32A insulation, and transition.
Avoidance Action & Litigation Finance Desk
PUFE claims with non-recourse funding via FundMyCase.
Cross-Border Distress Desk
Foreign-creditor claims and distressed entry into India.
How we engage
From Scoping Call to First Deliverable.
- 01
Scoping call
A 45-minute conversation to understand your matter, jurisdictions, and operating cadence. Initial calls are nominal.
- 02
Engagement letter
Scope, fees, escalation paths, and SLAs in writing within 2-5 business days.
- 03
Onboarding
Secure document handover, system access, named counsel allocated.
- 04
Delivery & reviews
Procedural-calendar drumbeat on live proceedings; CoC cadence management; written progress reporting; quarterly reviews on retained portfolios.
Procurement-ready
Built to Clear Your Procurement Desk.
Committed response standard
Urgent matters, limitation cut-offs, admission hearings, moratorium breaches, and CoC voting deadlines acknowledged within 2 hours via tech-driven intake.
Confidentiality & conflicts
Formal conflict checks before onboarding; creditor-side and debtor-side mandates never taken on the same matter; executed NDAs/DPAs before substantive work.
Security & compliance
ISO-certified, DPDP/GDPR-aligned systems; vendor, KYC, and audit documentation available on request.
Delivery model
NCLT, NCLAT, DRT, High Court, and Supreme Court advocacy through panel advocates under our oversight, BCI-compliant; turnaround and plan strategy through Solvencis; litigation finance through FundMyCase.
Insolvency & Restructuring (IBC), Frequently Asked
Questions buyers ask before engaging.
Do you advise both creditors and corporate debtors?
Yes, on separate and non-conflicting mandates: financial creditors, operational creditors, RPs, resolution applicants, corporate debtors, and personal guarantors. Strict conflict checks run before any engagement.
What is the Distress Recovery Framework?
A structured six-lens assessment, liquidity, security, creditor position, legal risk, resolution probability, and recovery outlook, applied at the start of every mandate to select the value-maximising route before any proceeding is filed. The output is a written route recommendation with timeline, cost, and recovery scenarios.
What is CIIRP and does it apply to us?
The creditor-initiated insolvency resolution process introduced by the 2026 Amendment allows notified financial creditors holding the required majority to commence resolution out of court, with management remaining with the debtor under resolution-professional oversight, on a compressed 150-day timeline. Eligibility depends on creditor class and notified thresholds, which we assess during the framework stage.
How does Section 32A protect an acquirer?
It insulates the corporate debtor and its assets from prosecution, attachment, and action for pre-CIRP offences, provided the new management is unrelated to the erstwhile promoters. We draft plans so the protection withstands challenge, and the Supreme Court reaffirmation of plan finality in 2025 strengthens that position.
Can MSMEs retain management during restructuring?
Yes. Qualifying MSMEs can use the pre-packaged process (PPIRP), remaining in possession while negotiating a plan with creditors. The new CIIRP route also operates on a debtor-in-possession model for eligible matters.
What support do you provide to Resolution Professionals?
End-to-end managed support through the RP Legal Operations desk: high-volume claim verification, audit-ready voting matrices, IM and RFRP drafting, interim-finance structuring, avoidance analysis, and NCLT filings.
Can our recovery or avoidance action be funded?
On qualified, underwritten matters, FundMyCase can finance recovery litigation and PUFE avoidance actions on a non-recourse basis, repaid from the recovery. We assess fit during the scoping call; funding is subject to eligibility and a separate FundMyCase engagement.
Can foreign creditors use you for Indian proceedings?
Yes. We file and defend claims for foreign lenders and funds, represent them in CoC processes, and coordinate parallel foreign proceedings, with the statutory cross-border framework under the 2026 Amendment now taking shape.
General questions on engagement, security, and procurement live on the FAQ page.
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