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Overview

If a company is in poor financial condition and is unable to continue with its commitments or meet its financial obligations, you initiate insolvency and bankruptcy proceedings in the National Company Law Tribunal to recover your dues. MyAdvo will facilitate the entire process through an expert corporate lawyer and will provide timely updates to you.

Steps involved in a Suit against Insolvent and Bankrupt Company

Before your Payment

After your Payment

Request

Once you send in a request, our representative will get in touch with you to understand your requirements.

Documents and Questionnaire

A checklist of documents and a questionnaire will be provided to record the details of your organisation and employees.

Complaint Drafting

The complaint will be drafted and shared with you for review and approval within 7 days of receiving the documents.

Filing of Complaint

The application will be filed before the NCLT within 3 working days of approval of the draft.

Admission Hearing

The lawyer will make preliminary arguments before NCLT and get the Application admitted.

Appointment of Resolution Professional (RP)

NCLT will confirm a Resolution Professional to oversee the process.

Corporate Insolvency Resolution Process

The resolution process comprises of various stages: 1)Publication of notice 2)Processing of claim 3) Information Memorandum 4)Meeting of Committee of Creditors (COC) 5)Call for resolution plan

Acceptance/Rejection of Resolution Plan

After receiving the resolution plan, the RP will conduct a meeting of COC for voting. If 66% of voting is done in favour of a resolution plan then it will be adopted by COC.

Liquidation

In case where a resolution plan is not accepted, COC will opt for liquidation of such real estate company.
MyAdvo Assurance
100% Refund Policy
‘No questions asked’
Verified Lawyers
All the lawyers are thoroughly vetted with valid Bar Council ID
Fixed Quotes
No price-hassles later
Dedicated Case Manager
A personally-assigned Case Manager for timely updates of your case proceedings
100% Confidentiality
Your personal details are kept absolutely confidential

Payment Structure

  • You are required to pay 40% of the case fee to start the work
  • 30% is payable after the suit is admitted by the court Remaining
  • 30% is to be paid before the final hearing of the case

Required Documents

  • Original invoice/ bill for sale of product/ service
  • All communications in forms of letters or emails sent to the other party for repayment of money
  • Any other documents related to the product/ service

Frequently Asked Questions

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