The NCLT has been vested with the powers to grant various reliefs under Insolvency and Bankruptcy Code, 2016 enacted in December,2016.
The prominent applications to NCLTunder IBC are as below:
Section – 7: Application filled by Financial Creditor for Initiation of corporate insolvency resolution process.
Section – 9: Application filled by Operational Creditor for Initiation of corporate insolvency resolution process.
Section – 10: Application filled by Corporate Applicant i.e. the Corporate Debtor himself for Initiation of corporate insolvency resolution process.
Section – 12: Application filled by Resolution Professional to extend the period of the corporate insolvency resolution process beyond 180 days.
Section – 19: Application filled by Interim Resolution Professional for necessary directions against the personnel of the corporate debtor, its promoter or any other person required to assist or cooperate with the interim resolution professional does not assist or cooperate.
Section 22 (3): Application to replace IRP
Section 33 (3): Where the resolution plan approved by the Adjudicating Authority is contravened by the concerned corporate debtor in that case any person whose interests are prejudicially affected by such contravention may make an application.
Section 45: If during examination Resolution professional finds that that certain transactions made during the relevant period were undervalued then he can file an application to declare such transactions as void.
Section 47: If Resolution Professional does not file the application under Section 45 then a creditor, member or a partner of a corporate debtor can file an application.
Section 52: Application by the secured creditor may make an application to facilitate the secured creditor to realize the security interest.
Section 54: Application for Dissolution of corporate debtor.
Section 60: Application relating to the insolvency resolution or bankruptcy of a personal guarantor.
Section 61: Appeal before NCLAT.
Applications in Triplicate
The application in NCLT has to be filled in triplicate and also the applicant shall deliver one copy of the application to the opposite party as well.
For assistance in filing of applications to NCLT under IBC at Ahmedabad, Mumbai, Delhi,Chennai & Kolkata and for any issues in NCLT, our law firm can be contacted on email@example.com.