Insolvency & Bankruptcy (IBC)
Reviving Finances, Resolving Defaults
Financial hardship,be it due to market fluctuations, rising debt, or sudden crises can hit even the strongest businesses or individuals. It takes more than mere legal expertise to navigate such sophisticated financial conditions, one needs master strategy, timely action, and an in-depth knowledge of insolvency laws. That’s where Legallyne comes in.
We specialize in providing customized legal solutions under the Insolvency and Bankruptcy Code (IBC), 2016, India’s revolutionary legal code for debt restructuring and resolution. Whether you are a creditor who needs to recover dues or a debtor in need of relief and restructuring.
At Legallyne, we bridge the gap between real-life experience, legal expertise, and client-centric service to empower you to manage your financial future. Backed by a network of retired judges we provide the most practical and dependable legal assistance.
Why Choose Us?
You will consult with seasoned retired judges who have presided over numerous insolvency and bankruptcy cases, offering unmatched insight into NCLT proceedings and financial dispute resolution.
Gain access to trusted advice from retired judges, including panel members with deep expertise in bankruptcy matters, ensuring integrity and sound legal guidance. With over 5,000 cases resolved, 15,000+ questions answered, and an 87% client satisfaction rate, our experience speaks for itself. We serve clients across more than 100 cities, offering expert assistance no matter where you are based.
What is Insolvency & Bankruptcy (IBC) ?
The Insolvency and Bankruptcy Code, 2016 (IBC) simplifies insolvency law in India, substituting scattered legacy laws under a single mechanism to unlock value for stakeholders. It applies to companies, LLPs, partnerships, and individuals.
Eligibility for Insolvency & Bankruptcy (IBC) in India
Step-by-Step Process
Documents Required
Common Mistakes
Recent Landmark Judgments
On August 1, 2025, the Supreme Court reversed its earlier May 2 order to liquidate Bhushan Power & Steel. The company had been successfully revived under a resolution plan approved under the IBC.
On July 21, 2025, the apex court dismissed the plea by BCCI (as an operational creditor) and Think & Learn (Byju’s parent), preventing withdrawal of CIRP (Corporate Insolvency Resolution Process) against Byju’s.
In a significant reversal in May 2025, the Supreme Court declared JSW Steel’s 2019 resolution plan and acquisition of Bhushan Power & Steel invalid due to flawed processes, ordering liquidation.
May 2, 2025: The NCLAT ruled that an arbitral award qualifies as financial debt under Section 5(8) of the IBC, and non-payment is considered a default.
Myths vs Facts
Frequently Asked Questions
Typically 180 days, with possible extension up to 330 days.
The Committee of Creditors (CoC) by a 66% voting majority.
Yes,They're identified as financial creditors since the 2018 amendment.
If no plan is sanctioned within the statutory timeframe, the debtor is liquidated.
Yes,IBC now also comprises pre packaged insolvency resolution procedures for faster, cost-effective resolutions.
Client Testimonials
Legallyne helped us navigate IBC with clarity—our revival plan was approved faster than expected.
Exceptional legal insight—especially from their retired judge panel—gave us unmatched confidence.
They guided our startup through paperwork, CoC meetings, and tribunal hearings—seamless throughout.
Their handling of recent amendments saved us time and money—highly professional.
From document prep to strategy, Legallyne’s expertise turned a stressful situation into a successful resolution.