Chambers of Bhuvnesh Shukla
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Insolvency and Company Law Proceedings before the National Company Law Tribunal.
The National Company Law Tribunal hears two broad kinds of case. Under the Insolvency and Bankruptcy Code, 2016, it admits companies into Insolvency Resolution, approves Resolution Plans and orders Liquidation. Under the Companies Act, 2013, it hears disputes within companies and sanctions mergers, reductions of capital and similar schemes.
Our Chamber appears before the Tribunal in both kinds of matter. The Code was substantially amended by the Insolvency and Bankruptcy Code (Amendment) Act, 2026, most of whose provisions came into force on 26 May 2026.
The Admission stage under the Code.
From Admission to the approval of a plan.
Where Resolution fails, and for those who stood surety.
Proceedings under the Companies Act, 2013.
| Step | Time Limit | Source |
|---|---|---|
| Operational Creditor’s Demand Notice | The Debtor has 10 days from receipt to pay or to show an existing dispute. | Section 8, Insolvency and Bankruptcy Code, 2016 |
| Insolvency Application | Three years from the date of default, subject to acknowledgment of the debt. | Article 137, Limitation Act, 1963 |
| Decision on Admission | The Tribunal is to admit or reject the Application within 14 days, and must record its reasons if it takes longer. | Sections 7, 9 and 10 of the Code, as amended in 2026 |
| Completion of the Resolution Process | 180 days from Admission, extendable by 90; 330 days in all, including time spent in litigation. | Section 12, Insolvency and Bankruptcy Code, 2016 |
| Appeal to the NCLAT | 30 days under the Code; 45 days under the Companies Act. | Section 61 of the Code; Section 421, Companies Act, 2013 |
Stated generally. Time limits turn on the facts and on the amendments in force; take advice on your own dates.
The default must be at least one crore rupees. Financial Creditors who are homebuyers must also apply jointly: at least one hundred allottees, or ten per cent of the allottees of the same project, whichever is less.
Not by an Operational Creditor. If the Debtor shows that a genuine dispute existed before the Demand Notice was received, the Application must be rejected. The Code is not meant to be a substitute for a Recovery Suit or an Arbitration.
Yes, but not by the Applicant and the Debtor alone, and only within a window. Since the 2026 amendments, an admitted Application can be withdrawn under Section 12A only after the Committee of Creditors has been constituted and before Resolution Plans are first invited, and only with the approval of ninety per cent of the Committee by voting share.
On Admission the Tribunal declares a Moratorium under Section 14. Suits, Execution Proceedings and the Enforcement of security against the company are stayed for the duration of the process. The Moratorium does not protect Guarantors.
Members holding at least one-tenth of the issued share capital, or one hundred members or one-tenth of the total number of members, whichever is less, may petition the Tribunal under Section 241 for relief against Oppression or Mismanagement. The Tribunal may waive this requirement in a suitable case.
General information as of October 2026, not legal advice. Take advice on your own facts and dates.
To discuss a matter in this area, write to our Chamber with a brief outline.
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