The Insolvency and Bankruptcy Code (IBC) 2016 has transformed the insolvency landscape in India, providing a time-bound process for resolving corporate insolvency. SPOTON is uniquely positioned in this area — led by CS Jaseel Paloth, who is a graduate of the first batch of the Graduate Insolvency Programme (GIP) conducted by the Indian Institute of Corporate Affairs (IICA) under the Ministry of Corporate Affairs, and has cleared the Limited Insolvency Examination of the Insolvency and Bankruptcy Board of India (IBBI).
We provide comprehensive IBC services for both corporate debtors and creditors — from pre-admission advisory to resolution plan implementation and liquidation proceedings before the NCLT.
Key Benefits
Time-Bound ResolutionIBC mandates resolution within 180 days (extendable to 330 days) — faster than traditional court proceedings.
NCLT ExpertiseRepresentation before the National Company Law Tribunal (NCLT) and NCLAT.
Creditor ProtectionOperational and financial creditors can initiate CIRP to recover dues.
Moratorium BenefitsAn automatic moratorium on all proceedings against the debtor company once CIRP is admitted.
Business RevivalFocus on resolution over liquidation — preserving jobs and business value.
IBBI QualifiedLed by professionals certified by the Insolvency and Bankruptcy Board of India.
Eligibility & Requirements
Financial or operational creditor with a minimum default of ₹1 crore
Corporate debtor facing inability to pay debts
Proof of default and debt amount
All communications and agreements with the debtor
Corporate debtor's financial statements and asset details
Step-by-Step Process
1
Initial Assessment
Evaluate the financial position, nature of debt, and viability of CIRP vs. pre-insolvency restructuring.
2
Demand Notice
Issue a 10-day demand notice to the corporate debtor (Section 8 for operational creditors).
3
Application to NCLT
File application before the National Company Law Tribunal (NCLT) for initiation of CIRP.
4
Interim Resolution Professional
NCLT appoints an Interim Resolution Professional (IRP) to manage the company.
5
Committee of Creditors
Creditors form a Committee of Creditors (CoC) — SPOTON advises creditors on CoC participation.
6
Resolution Plan
Resolution applicants submit plans; CoC approves the best plan.
7
Implementation
Approved resolution plan is implemented. If no plan, company goes into liquidation.
Documents Required
Debt and default proof (financial contracts, bank statements, invoices)
Demand notice acknowledgment
Corporate debtor's registration details and financials
All communications with the debtor company
Legal proceedings history (if any)
Need help gathering documents? Our team will send you a personalised checklist and guide you through document preparation — just WhatsApp or call us.
Frequently Asked Questions
The minimum default threshold for filing an insolvency application under IBC was raised to ₹1 crore (from ₹1 lakh) in 2020. This applies to both financial and operational creditors.
Corporate Insolvency Resolution Process is the time-bound process initiated against a corporate debtor upon default. It aims to revive the business through a resolution plan approved by the Committee of Creditors.
An Insolvency Professional (IP) is a person registered with the IBBI who manages the insolvency resolution process. CS Jaseel at SPOTON has cleared the IBBI Limited Insolvency Examination.
Upon admission of CIRP, the Board of Directors is suspended. The Resolution Professional assumes management control. Directors must cooperate with the RP and cannot dispose of company assets.
Yes. The primary objective of IBC is resolution — not liquidation. A well-drafted resolution plan can revive the company, repay creditors and preserve employment. SPOTON advises on resolution plan preparation.
