Insolvency And Bankruptcy

Advocate Sumit Nagpal has plenty of experience under his belt in the area of Insolvency and Bankruptcy Code, 2016 (IBC). Mr. Nagpal has been associated with IBC since its nascent stage. Mr. Nagpal’s expertise lies in providing comprehensive legal advice and robust representation for both creditors and debtors involved in IBC proceedings.

Mr. Nagpal has been fortunate enough to draft applications, and appeals, and to appear before the National Company Law Tribunal(s), National Company Law Appellate Tribunal, various Hon’ble High Courts and the Hon’ble Supreme Court of India regarding some of the most crucial and ticklish questions of law under the IBC such as the rights and obligations of the Resolution Professional, Supremacy and Wisdom of the Committee of Creditors (CoC), acknowledgment of debt in the balance sheets and OTS etc. by the debtor triggers a fresh limitation period of three years for the creditor to apply for insolvency, Right of the home buyers under the IBC, Successful Resolution Applicant cannot suddenly be faced with undecided claims after the resolution plan is approved as this would amount to a hydra head popping up of claims, the tussle of the supremacy of IBC over Arbitration Act or IBC v. Prevention of Money Laundering Act, IBC v. Securities and Exchange Board of India Act, amongst other important and crucial questions.

Mr. Nagpal has rendered his services and appeared as one of the counsels for some of the major debt-ridden Companies famously known as ‘Dirty Dozen’, constituting 25% of India’s total NPAs, as per the list released by RBI in May 2017.

At the core of Advocate Sumit Nagpal’s practice is an in-depth understanding of the IBC and its implications. Mr. Nagpal and his team of lawyers are thoroughly acquainted with the various facets of the legislation right from the initiation of the insolvency process by Financial and Operational Creditors to protect the interest of the Corporate Debtor. Further, the expertise extends to comprehending the roles and responsibilities of the Insolvency Professionals, Committee of Creditors (CoC), Resolution Applicants, understanding the implications of the moratorium period, the formulation and execution of insolvency resolution plans, the process of liquidation, and understanding the guidelines and framework of the Insolvency and the Bankruptcy Board of India (IBBI).

Mr. Nagpal’s commitment to his clients goes beyond providing legal counsel. He strives relentlessly to achieve the best possible outcome for his clients. This could range from recovering debts for creditors to assisting debtors in restructuring their businesses for a fresh start/clean slate.