You are a financial creditor — an Australian bank, a Singapore NBFC, or a GCC sovereign fund — holding debt against an Indian company that has just been admitted into CIRP. The 270-day outer timeline has started. The committee of creditors is being constituted. The resolution professional has taken control of the corporate debtor. You need immediate representation before the NCLT, a seat on the committee of creditors, and a strategy for maximising recovery — whether through a resolution plan or through liquidation. You need counsel who understands insolvency from the creditor's perspective, the debtor's perspective, and the resolution applicant's perspective — because all three strategies may be available to you and only one will maximise your recovery.
Or you are an Indian promoter. Your company's operational creditors have filed an application under Section 9 IBC. The application is being heard next week. You have 10 days to respond before the NCLT admits it and the CIRP clock starts. You need to challenge the debt, dispute the default, and if the application is admitted, you need to be positioned as a resolution applicant under Section 29A — before you are disqualified. You need counsel who has run this specific race before, in this specific court, on this specific timeline.
Goldschmidt Pallonji's Insolvency & IBC practice is built on the understanding that every stressed situation is different — and that the best outcome in an insolvency depends on the earliest possible assessment of which strategy creates the most value. Our practice is fully integrated with our Banking & Finance team (for debt structuring and pre-CIRP restructuring), our M&A team (for distressed acquisitions and resolution plan M&A), our AML team (where PMLA overlaps with the insolvency), and our forensic accounting team (for asset tracing and fraudulent transaction analysis). This integration is not claimed — it is the structure of the team.
Complete insolvency and restructuring capability — from pre-CIRP restructuring through resolution, liquidation, and cross-border recovery.
Section 7 applications, committee of creditors representation, proof of claim filings, voting strategy in CoC meetings, challenge to resolution plans, and Section 60 appeals to NCLAT. Particular experience representing international financial creditors — Australian banks, Singapore funds, and GCC lenders — in Indian CIRP proceedings where the creditor is unfamiliar with the IBC regime.
Learn More →End-to-end advisory to resolution applicants — Section 29A eligibility analysis, resolution plan drafting, CoC negotiation, NCLT approval, and post-approval implementation. Coordination with our M&A team for the acquisition financing, our banking team for the debt structuring, and our tax team for the plan's tax implications.
Learn More →Defence of Section 7 and Section 9 applications — disputing the debt, challenging the default, procedural objections, and pre-admission settlement strategy. Where admission is inevitable, positioning the promoter as resolution applicant before disqualification under Section 29A applies. Emergency applications to the NCLT and NCLAT for urgent interim relief.
Learn More →Out-of-court debt restructuring under RBI's June 2019 Framework, inter-creditor agreements, one-time settlements, standstill arrangements, and pre-pack insolvency structures. Where restructuring is achievable without triggering CIRP, GP's banking and restructuring team builds the solution before the IBC clock starts — saving time, cost, and the corporate debtor's going concern value.
Learn More →Personal insolvency applications under Part III IBC for individuals and personal guarantors to corporate debtors. Defence of personal guarantors against Section 95 applications by creditors. Wilful defaulter classification challenges before DRT, DRAT, and High Courts. Interaction between personal insolvency and PMLA attachment where the individual also faces money laundering exposure.
Learn More →Recognition of foreign insolvency proceedings in India and coordination of Indian CIRP with overseas insolvency proceedings. Cross-border asset tracing and recovery for foreign creditors in Indian insolvencies. Coordination of Indian and Australian insolvency proceedings where the corporate group has entities in both jurisdictions. UNCITRAL Model Law analysis in the Indian cross-border insolvency context.
Learn More →Foreign financial creditors in Indian insolvency proceedings face a unique challenge — the IBC is a complex, fast-moving, and jurisprudentially active statute that even experienced Indian lawyers find demanding. For an Australian bank or a Singapore fund that has never dealt with Indian courts, the NCLT can be deeply opaque. GP bridges this gap — providing Indian insolvency advice that is comprehensible to international credit and legal teams, in the format and at the level of specificity that foreign credit committees expect.
Section 29A of the IBC — which disqualifies connected persons from submitting resolution plans — is the most litigated and most consequential provision in the Act for promoters. GP has advised promoters on Section 29A eligibility, challenged disqualification notices before the NCLT, and structured resolution plans that navigate the provision while complying with its intent. The Section 29A analysis often determines whether a promoter can participate at all — and it must be done before the resolution process begins, not during it.
You signed a personal guarantee on your company's bank loans five years ago. The company is now in CIRP. The bank has filed a Section 95 application against you personally. Your home, your savings, and your personal assets are now the subject of an insolvency application. The personal insolvency provisions of the IBC are still evolving — the Supreme Court has settled some questions and left others open. GP advises personal guarantors on their specific exposure, their defences, and the interaction between the personal insolvency and the corporate CIRP — which are running simultaneously but on different tracks.
CAM describes its insolvency practice as "seamlessly integrated" with Finance, M&A, Employment, and Tax. GP's integration goes further — our insolvency team works alongside in-house CAs for tax structuring of resolution plans, forensic accountants for avoidance transaction investigations, AML lawyers where insolvency and PMLA intersect, and arbitration lawyers where the stressed asset has arbitration claims attached. One team. All dimensions.
When an Australian bank or a Singapore fund is a financial creditor in an Indian CIRP, they need advice that translates the IBC into concepts their credit committee and legal team understand. GP's founding directors have practised in these jurisdictions — they can explain the NCLT process, the CoC vote, and the resolution plan approval in terms that are immediately comprehensible to an international financial institution. This is not translation. It is genuine bilingual legal practice.
Sections 43–66 IBC give creditors and resolution professionals powerful tools to unwind pre-insolvency transactions that stripped value from the corporate debtor. But these tools only work if the financial evidence is built properly — identifying the transactions, establishing their timing relative to the look-back period, demonstrating the absence of fair value, and tracing where the assets went. GP's forensic accountants build this case alongside the insolvency lawyers — not as a separate engagement but as part of the same team.
Complete confidentiality maintained. These matters illustrate the nature of our IBC practice across all roles.
Advised an Australian bank as financial creditor in an Indian CIRP for a mid-sized infrastructure company. Filed Section 7 application, obtained NCLT admission, represented the bank on the committee of creditors across all meetings, challenged an inadequate resolution plan at NCLAT, and secured a revised plan delivering 82% recovery against admitted debt.
Advised a private equity fund as resolution applicant for a ₹1,400Cr manufacturing sector CIRP. Section 29A eligibility confirmed, resolution plan drafted and negotiated with the CoC, acquisition financing documented by our banking team, and tax structuring by our CA team — all within the 270-day statutory window. Plan approved by NCLT and implemented successfully.
Defended a promoter facing a Section 95 personal insolvency application from a consortium of lenders following the company's CIRP. Challenged the application on jurisdiction and procedural grounds before the NCLT. Coordinated the personal insolvency defence with the ongoing corporate CIRP and a parallel PMLA provisional attachment challenge — all managed by the same GP team.
The practice is led by the Managing Director, supported by insolvency advocates with NCLT and NCLAT experience, M&A lawyers for resolution plan transactions, banking lawyers for pre-CIRP restructuring, in-house CAs for tax structuring, and forensic accountants for avoidance transaction investigations. The integration of this team is what allows GP to offer IBC advice that goes beyond the courtroom — and addresses the full commercial and financial complexity of every stressed situation.
Key Supreme Court rulings on Section 29A eligibility, personal guarantor proceedings, avoidance transactions, and the waterfall mechanism — and their practical implications for creditors and resolution applicants.
Read Bulletin →IBBI data analysis — admission rates, resolution vs liquidation outcomes, average recovery rates by sector, and what the data says about creditor strategy in 2026.
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