Corporate Insolvency Resolution Process (CIRP) Statutory Guide
Statutory overview of creditor petitions under Section 7 and Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. CraftEgon CCS provides corporate documentation support only; formal NCLT representation is conducted exclusively by independent legal counsel.
Statutory Notice & Legal Framework: CraftEgon CCS provides corporate secretarial advisory, financial document compilation, and regulatory compliance support under Indian commercial laws. Under the Advocates Act, 1961 and Bar Council of India regulations, formal legal representation, contentious petition drafting, and appearances before the National Company Law Tribunal (NCLT) or NCLAT under the Insolvency and Bankruptcy Code (IBC), 2016 are conducted exclusively by independent practicing advocates retained directly by the client. CraftEgon CCS does not provide courtroom appearances or tribunal advocacy.
Pre-Insolvency Documentation & Section 8 Notice Verification
When an operational or financial creditor serves a demand notice or a company faces debt distress, CraftEgon CCS assists corporate debtors and creditors with statutory documentation and accounting compilation:
- Section 8 Demand Notice Review: Auditing operational debt demand notices received under Form 3 or Form 4 for statutory threshold compliance (minimum ₹1 Crore default threshold under Section 4).
- Pre-Existing Dispute Compilation: Assembling documentary evidence of pre-existing bona fide commercial or operational disputes (Section 8(2) notice of dispute within 10 days) through purchase orders, email correspondence, quality rejection slips, and debit notes.
- Financial Ledger Reconciliations: Reconciling bank statements, ledger accounts, and invoices to verify exact debt exposure and interest calculations.
- Corporate Restructuring Resolutions: Drafting board resolutions for debt settlement negotiations, operational compromises, or restructuring strategies.
Share your notice or ledger details for procedural documentation review. Our compliance desk operates Monday to Saturday, 9:00 AM – 7:00 PM IST.
Formal NCLT Insolvency Representation
When an application is formally filed before the National Company Law Tribunal under Section 7 (Financial Creditor), Section 9 (Operational Creditor), or Section 10 (Corporate Applicant), representation must be conducted by independent legal counsel:
- Pleadings & Caveats: Drafting formal counter-affidavits, interim stay petitions, settlement applications under Section 12A, and vakalatnama filings must be executed by practicing advocates.
- Tribunal Appearances: Oral advocacy, arguments on CIRP admission, and interim order hearings before NCLT benches cannot be conducted by corporate compliance advisory firms.
- Client Selection: Representation must be retained independently through qualified legal counsel of the client's choice. CraftEgon CCS maintains no in-house litigation advocacy service, exclusive advocate referral agreements, or legal fee sharing.